Thursday, 10 June 2010

15:15 ES update

Looks like the alternative on the bearish count, of an [X] wave at yesterday's lows ultimately won the day. Its possible to count a complete (A)-(B)-(C) for [Y] to finish ii up, but don't forget the more bullish counts shown yesterday, perhaps the least bullish of which is that we may still be in wave (ii).

It has to be said that the SPX doesn't look like a complete correction. It just looks like a single impulse up. However, if we count the move from 1042.17 as [A] up to yesterday's high and [B] down to yesterday's low, today's rally would be the [C] wave and, therefore, a simple impulse would complete wave ii.

Here's the ES chart:

Note: it can be counted as complete, but squiggles being what they are, don't be surprised if there is still another up leg to go.