Wednesday, October 7, 2009

ES 10/7 : Bullish Count


[EDIT: The alternate labels for minuet [iv] should read "Alt a 'of' [iv] and not 'or'". Too much work to go back and re-label and upload. Sorry for the confusion.]

This would be my bullish count for ES. That looks like a pretty clean thrust out of a wave 4. There are two potential target areas I would expect price to head to.

If [v] equals [i], a 1075 print would be expected. If [v] were to hit the top trend channel line in the next week or two, I see price hitting 1090-1105.

The problem I have with this count is that minute [ii] and [iv] do not really show alternation. They both look like zigzags, with [iv] just looking a little wider. I would have expected a flat or triangle from [iv] since [ii] was a ZZ.

With that in mind, I placed an alternate count for minute [iv]. Minute [iv] would then be tracing out a triangle before [v] completes.

If minute [iv] is not complete, not much may change in terms of projecting minute [v] if the alternate [iv] completes as projected.

2 comments:

  1. FTLOG,

    not really. just providing a bullish count. posted a bearish one above as well. i just don't trust this market. :)

    ReplyDelete