Monday 3/28/11 wrap up

Snoozer today in the ES until the last hour when it took a sharp slap in the face.  At least that's what it felt like, but on review the fact is the ES was only down 8.50 points - not exactly earth shaking. 
The bull count here is that the end of day selling was the 4th wave in a Micro Wave 3 (black).  If so, prices should turn up pretty quickly.

ES - 2 hour bars - bullish count

If the action at end of day was the start of some serious selling, then the ES most likely has just completed an "X" wave and is embarking on a 3rd zig-zag formation down from the highs of Feb 18.

ES - 2 hour bars - bearish count