Congress wagged a finger at FASB and said, “You shall change the mark to market rules.”

FASB may say yes to Congress tomorrow (April 2) and help banks “boost” their profits by 20% out of thin air.

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I think we’re headed to 795 eventually, but possibly to 702 before that and here’s why:

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EDIT: 9pm Added a 1 minute Intrady wave chart. Yeah its detailed, by I find it fun to do!

Primary Count: Subwave [v] of 3 of (5) continues to advance downward to capitulation low.

A (close) alternate: Wave 3 of (5) bottomed today at 677.93

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EDITED 10:40 PM Wed: Added a nice 1 minute chart.

Primary Count: SPX has finished tracing out subwave (iv) of [v] of 3 of (5).   It should now work down toward a capitulation bottom for Minor wave 3 of (5). Rough target is now 679 SPX plus or minus…

Alternate Count: SPX is tracing out the beginning stages of a wave 4 of (5). That would imply that 692 was the low for wave 3 of (5).

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Market is setup for a capitulation type plunge for Wednesday. Just one chart tonight, but its good.

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We all know that the fundamentals are awful. The only thing that was keeping the market above Nov lows is because S&P and most world indices are above their Oct and Nov lows. Not any more.

As of Friday the 27th of Feb (end of the month also, a multi-year low on a weekly close has been confirmed. Confirmation of multi-year low on monthly charts will have to wait till end of March. Thus, the weekly charts gave a screaming sell on Friday. The dumping we saw today may be because of this.

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Primary Count: The indexes are unfolding the last subwaves of Minor wave 3 of Intermediate wave (5). 

Alternate Count: 3 of (5) made its low at 699.7.  

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UPDATE 9:30PM Friday: Forgot my 15 minute chart which shows a potential scary H&S forming.

Primary Wave Count:  Markets have “setup” for a major plunge lower beginning Monday to futher extend wave 3 of (5).

Alternate Wave Count: Wave 3 of (5) is over or will shortly be after a minor washout come Monday.

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Primary count has not changed. Wave [iv] of 3 of (5) appears to have indeed peaked.  A deep retrace today but the 780 high held.  Then a selloff and the market closed under 757 support.

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