Wednesday, July 20, 2011

7/20/11 - Pre Market [5:44 AM Update]

[5:44 AM Update]

Weekly

I must remind folks of this more bullish count as well and that is the market is in the midst of a Minor 3 of Intermediate wave 5 up.



Pre Market

Looks like the market likes Apple's earnings and debt ceiling news. Nothing goes up forever though so I'm trying to figure out the end of this leg. Once it is complete, I believe it will cap the end of wave 1 of Minor 5.

Copper and the dollar may be hinting at it's end too. Below I also have an alternative count for ES. Per this alternate, the rally off the 7/18 low is a wave c of B.

If this is the case, this would be wave B of [e] of my daily triangle primary. That would imply one more leg down in a wave C towards 1290-1270.

We shall see.

But first things first, the market is set to gap higher so let's see what the cash market does near 1331-1333. My squiggle count from last night was looking for a push towards that area.

ES

Looking for the end of the wave 1.

ES Alternate

HG
4 hour negative divergence.

DX

On the verge of a bounce or breakdown.
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