Monday 7/19/10 wrap up

Sell off this morning followed by rally most of the rest of the day and then another sell off into the close.  This morning's selling was swift and impulsive looking with a definite 5 count, the subsequent rally was choppy and overlapping, distinctly corrective.  The selling at the end of day also was swift and impulsive looking but 5 waves cannot be counted as of this writing.  On balance looks like near term trend is still down.   Most likely wave count looks like this:

Stayed in cash today, trendline/oscillator system is still in sell mode.  I'm watching the 30 minute V Stoch for entry, looking for an overbought reading there to initiate a short position.