Squawk Morning Briefing: Two Counts

We have somewhat different analysis today in the YM and DJIA charts.   Price action will dictate which one ultimately prevails.   The 1-2, 1-2 count preferred in the YM will also work for the DJIA and it would be yet one more example of where we had a very deep second wave correction.   The sell-off in futures from the YM FibGrid fireline has attracted more sellers on a retest that failed just after release of jobless claims and that adds support to this notion.

In the DJIA, a break below the magenta wave circle-ii label at 11,447 would have us consider that more likely a B wave low and reinforce the notion that the index could be heading lower without the need for a break above the October high.

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