12:00:  Entered QID @ $51.38, stop at $50.90

11:30 c.s.t update: Either the final leg of [b] or (i) of 5 is about to finish here. I’ll probably scale into a few bear ETFs, but with very tight stops, anything above 1315 heading into the close and I’ll go neutral into the weekend, meaning out of the market, except for Gold and Energy that is.

Here’s my primary and alternate count and what to watch for today.  I believe that the [b] leg of 4 is underway and has a target potentially at the 61.8% retracement level, corresponding to the target of the inverse H&S.  However, there is a small possibility that 4 is complete and the final leg up in 5 has begun.  So we need to have tight stops on our bear ETFs!!!!1