Wednesday 6/23/10 wrap up

What a mess today, feel like I've been in the washer on spin cycle.  We did bounce some, but definitely not in an impulsive manner.  Most likely Elliott count currently looks as follows:

TODAY'S SPIN CYCLE

Went long ES today around mid-morning but bailed at breakeven 1/2 hour before the close due to the lack of impulsive bull pattern and also because the 30 minute V Stoch rolled over.  Still like the long side at some point relatively soon but prudence said go to cash for now.  The Buy line in the Buy/Sell Vindicator is bottoming which indicates bull capitulation and thus a setup for a rally.