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Thursday 8 July 2010

14:49 BST - ES and SPX Update

Well, on ES it looks like 5 waves up to 1067.75 from the low I marked as (4) of [C] on the chart posted earlier. On this count, it should mark the end of the zig zag - let's see - it could be taken out pretty quickly!

ES 5 min chart:



The SPX could be a complete 5 up from the [B] wave low on this double zig zag count, if it had an extended wave (5), or it could have another high to go - if the futures have topped its likely SPX has too - at least for today (we have hit the bottom of the gap I mentioned last night):

SPX 1 min - double zig zag: