Tuesday, 15 June 2010

16:22 BST - SPX and ES Update

On the most bearish count (wave (ii) complete yesterday), SPX is looking like an expanded flat type double three correction, with prices crawling up the underside of the channel that was broken yesterday

5 min chart:

On ES, looks like a wedge for a c wave to complete and a-b-c for Y of (2):

ES 5 min chart

 Obviously, we need to stay below yesterday's highs, otherwise, the more bullish options come into play (ie wave (ii) or [ii] continuing, which are moderatley bullish, or the very bullish options).