Monday, 14 June 2010

11:38 BST - ES Update

Here's a possible count showing a potential top in wave ii of (iii) for the ES futures. It reflects the bearish count for SPX shown in Option 1 posted on 12 June.

ES 5 min chart:

Its not certain that there is a complete five up from the (B) of [Y] low - it could still be in iv of 5, so a further new high remains possible.

Of note, perhaps is the fact that the overnight action has taken ES right up to the upper correction channel line (with a brief break above it).