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Tuesday, October 26, 2010

Tuesday 10/26/10

The ES has sure been difficult to read lately, great market for a swing trader but I don't have the time to be on it continuously, which is what it would take right now.  So I've been staying out. 
I presented this chart over the weekend as a possible Elliott count, it shows micro wave 5 (black) and thus minute wave 3 (green) as complete last Thursday.

Updating that through today looks as follows:

However, there is an alternative (there always is), and that is the possibility that the ES has been tracing out an ending diagonal for minute wave 3 as follows:

From a trading standpoint this probably doesn't make a lot of difference, either way the message is we're very close to the end of the rally that started at the end of August and the action looks to continue to be choppy until that point is reached.
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