Monday 4/11/11 wrap up

Despite all my sparkling logic on the post over the weekend it looks like the ES has rolled over and that Minor W5 (and thus Intermediate W1) was in fact done at Friday's high.  EW count in that case looks like this:

ES - hourly

There's another more bearish possibility, and that is that the rally off the mid-March lows has only been a "b" wave in the correction to the seven month rally that ended in mid-February.  In that alternate, we've just rolled over into the final leg of that correction.  This would then be a "c" wave which could possibly carry down to the original target for that correction in the ES 1175 area.

ES - daily - alternate count