Tuesday 11/2/10 wrap up

We may have seen (or are close to seeing) a top of some significance on the ES.  There is the possibility that the see saw since the lows of last Wednesday is an ending diagonal.  The up waves since then have been more easily counted as having three legs, which is how a diagonal is supposed to look. 

If this count is correct it represents the conclusion of Minor wave 5 of the rally that started at the end of August. Timing fits as well, as today is election day - "buy the rumor, sell the fact". 
The most likely alternate here is one that was presented yesterday which has the ES in a 3rd of a 3rd subwave to Minor wave 5 with more distance yet to travel.

Timing here is just as plausible : a burst if enthusiasm caused by election results, and then the air gets let out of the balloon.
Considering all this I sold 1/2 of the long ES's today and am holding the other 1/2 pending developments.