Wednesday, December 16, 2009

12/16 - ES Mini 10:30PM (PST) Update

[12/17 6:05 AM (PST) Update]

So far she's moving as expected. I see a potential ending diagonal for subminuette c of minuette (b). This will make a pretty clean 61.8% retracement.

The other alternative I forgot to mention last night is that this correction could be of the wave 2 type. In the end, either counts takes price higher.

However, I can't help but stress that the converging trendlines are important to watch.

A break below will change things and that would confirm with greater certainty that 1119 (SPX) was the top.

[10:30 PM PST UPDATE]:

Looks like she hit the 38.2% mark. Would that be it to complete subminuette c of minuette (b)?

The top chart was posted earlier this evening just after the close. The second chart was as of 9:00 PM (PST).

Looks like some progress has been made for subminuette c. Let's see what we get in the AM...


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