Monday, October 31, 2011

Pre Market Update

Pre Market Update

Last week I was looking for a wave 4 pullback with a target near 1274. The action near the close appeared as though a wave b of a flat would form first, which meant challenging the 1290 high.

With the ES action pre-market, we know this is not the case and a zigzag for 4 is most likely the case. Either way, the expected target levels for 4 appear to still be on track.

The 5 min chart below may provide clues for where wave y/c of 4 will touchdown. The 1271 level will make y/c=w/a. So long at the 1256 level holds (wave 1 high), this is still considered a wave 4 pullback of an impulse wave working up.

5 min

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