Thursday, 10 June 2010

11:42 S&P e mini futures

Looking at the ES on a 5 min chart, its a 70.70% retracement of the drop from yesterday's high. It counts nicely as three waves, so on the bearish count it would be (A)-(B)-(C) for wave [2] of iii of (iii).

However, it also counts as 5 waves up, perhaps for wave (A) of [Y] of ii, suggesting wave ii will retrace higher, or 3 waves for the first 3 waves of (A) of [Y] of ii.

There are UK and ECB interest rate decisions, plus job numbers to come before the open, so the picture could change substantially between now and then. Still, here's a 5 min chart of how it looks for now: