Thursday 10/21/10 wrap up

On the ES, looks like minute wave 5 and thus minor wave 3 (green) are complete at today's highs, with minor wave 4 now in progress.

Since minor wave 2 (green) was a complex irregular flat, then minor wave 4 will most likely be a simple zig-zag or possibly a triangle.  Target would be the areas of the prior 4th waves of lower degree that we saw in the last week, which would be roughly in the ES 1155 - 1165 area.