Wednesday, November 16, 2011

11/16/11- Pre Market Update

Pre Market Update

I see three scenarios here:

1. A wave E triangle to complete the correction (Blue labels)

2. A wave E zigzag down to the lower yellow trendline (Blue labels)

3. A combo corrective ending with a wave C triangle (Red labels)

Notice that option 1 goes with the main E-Triangle option I presented last night and option 3 goes with the alternate 1 count I updated last night? Option 2 doesn't exactly go with the bearish option but points in the same direction.


This most basic count lines up with option 2 for ES.
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