Wednesday 7/14/10 wrap up

This is my best guess on a current Elliott count, but it's not with a lot of confidence.  There are some who are reading the rally since 7/6 as a wave 2, of course that's possible.  I think it's a lower probability at this stage since we've retraced quite a bit of the preceding sell off and done it in an impulsive looking fashion.

Still holding long, prices still above lower trend line and oscillator still above 80.0.  Will not move the stop and reverse for the time being.

The Vindicator Buy/Sell  remains in buy mode with the Buy line holding above the Sell line, indicating buying pressure still exceeds selling.  Meanwhile the V Stoch is moving to the bottom of it's chart.  If the V Stoch dips below 20 and curls up while the trendline/oscillator remains in buy mode I may add to the ES long position, however with much tighter stops on the added position (10 - 12 points).