Thursday, October 6, 2011

6:10 AM Pre Market Update

6:10 AM Pre Market Update

ES
ES appears to be riding underneath the upper fork channel after piercing it last night. I believe it was up 7.5 only 40 mins ago and is not red.

HG - 60 Min
That's a more convincing break out of that falling wedge. Let's see if it has some legs to it. If so, it should line up with the daily view below.
HG Daily
If this three wave structure off the top only represents a larger wave W, I would then expect a wave X bounce to at least 38% near $3.62. But we should also see what happens if it reaches the underside of the channel at $3.40.
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