Friday, July 15, 2011

7/15/11 - Pre Market

Pre Market
ES appears as though it may be triangulating. I'll be watching the TLs. I do see a potential for an expanded flat there should it break out of the upper TL but would still imply one more leg down.

Below is a recap from yesterday's EOD Post.

If the above chart is not the correct count the options again below are:

1. Start wave 5 of Minor 5 up - Blue Labels
2. Wave 4 blue is a falling wedge and requires a bounce for wave 4 (really wave d) of the wedge
3. Start of a wave Y up
4. Complete wave 5 (which would be a small ED) of a larger degree wave 1/A down.

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