Tuesday, May 31, 2011

5/31/11 - Pre Market

Pre Market

ES held it's gains overnight so the market looks to gap pretty huge on this last day of May.

ES traded nearly perfect in it's new rising channel. The Inverted H/S target has been met so kept an eye on the extent of that run.

As for cash, my 60 min chart below is the count to watch along with the larger daily view. Since wave [c] would qualify as the complex subwave of the triangle, I'm looking for at least the first leg of a three wave leg for wave [d]. Wave [d] should not make a new high if the triangle is in play.

However, if this truly impulses up to new highs then we may consider this Minor 5 in progress.

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