12/23/10 - EOD Update [5:39 PM Update]

[5:39 PM Update]

/ES

We still have a ways to go overnight but so far e-minis has broken down out of it's channel.

If following option1, a drop of approx 13 points would still be allowed if subminuette iv red is still in progress.

The same goes for the wave 5th extension option and lastly, the minor 4 option would require a sell off to begin.

Look for the 4-1 overlaps if the bullish options are to be ruled out. 1246 Looks like a potential area of support should we see a further sell off at the open tomorrow. It also lines up with this channel below:





EOD Update

Option 1

This was formerly labeled as option 1a but I just renamed it as option 1. This is the primary count I'm watching but I'm thinking the wave 5 extension option below is very likely.

Don't forget that I'm also keeping an eye on the 1290 target.

Option 1 with Wave 5 Extension Option

I believe this may be playing out. Let's see if 1265-1275 is reached first and then re-evaluate to see if this option may be applied.

Daily Bollinger Bands

1273 is the top of the Bollinger Band.

Minor 4 Option

This option is still on the table but also pushing the limits of probability. If this is to play out, the sell off needs to happen now..

Option 1B

This is a very unlikely option now given the extension of wave b/x red.