Wednesday, August 12, 2009

E-minis - 8/12




There has been some interesting price action going on. SPX and INDU are tougher to count.

Here is a count of the E-minis taking 1016 as the high (1018 on SPX). Waves are still choppy but I currently have my primary count labeled as wave i completed at the 986 low and wave ii completing today at the 1010 high.

The alternative is i = (a) and ii = (b). Either way, I am expecting a wave iii or (c) down in the next two days. Wave ii or (b) may not be complete and can possibly take out the 1016 high. If it does, then my primary count will be ruled out and the alternative count will come into play as some type of flat.

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