Wednesday 10/27/10 wrap up

On the ES there's a fair chance that we did see the bottom of minor wave 4 (red) today.  If that's the case, Elliott count looks like this:

Minor wave 1 traveled 69.5 points and minor wave 3 spanned 106.75 points.  The wave 4 low today was 1167.25.   Some Fibonnaci targets for minor wave 5:    69.50 x .618 = 43.00 + 1167.25 = 1210.25
                                                                                  106.75 x .382 = 40.75 + 1167.25 = 1208.00

A longer term alternate count right now is that the ES is tracing out an A-B-C flat type correction that started with the highs in late April.  Wave A ended at the lows in early July and wave B is just wrapping up with wave C right around the corner.  "C" waves in a flat are 3rd waves and exhibit 3rd wave character, so we should see some hard selling that moves very quickly if this alternate is correct.