Monday, November 14, 2011

Pre Market Update

ES was turned away at the upper TL last night. So far it has found support on a separate TL below.

If in fact it is working on a triangle, are we to assume that wave E is in progress or is it just about to wrap up?


Here is the triangle example I posted at EOD Friday that I believe is the most likely scenario, should this be a triangle in progress.

I noted that a complex wave was missing within the triangle so this would be one wave to form one for wave D. We shall see as always.

TRI - 60 min
I like the 50 EMA on the hourly as a guide.
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