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Friday 9 July 2010

14:11 BST - ES Update

The high of the 5 wave move up on ES shortly after the open yesterday looked like the completion of wave [C], but it seems it was only the 3rd wave of wave [C]. It took until after the cash session closed for ES to take out that early session high.

Now it looks like we may either have a top for wave [C] or be very close to one, just as appears to be the case on SPX. Here's the ES  chart:

ES 5 min chart: