Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
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.
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Wow. You're now even bullish?
ReplyDeleteFTLOG,
ReplyDeletenot really. just providing a bullish count. posted a bearish one above as well. i just don't trust this market. :)