Tuesday, 6 July 2010

13:58 BST - ES Update

Futures made a new low below the 1 July lows overnight. However, from Friday's high to the new low looks more like 3 waves rather than 5, so it may still be part of an on-going 4th wave corretion (or 2nd wave - see the SPX update from Friday night) rather than  a 5th wave down:

ES 5 min:

On the above chart, which is the nested ones and twos  count (Count 5) I've shown either a completed 4th wave at Friday's high, or, the 4th wave still in progress. The latter may seem more likely at this stage. If it takes out Friday's high, then it will become the main labelling for this count.