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Saturday, April 16, 2011

Weekend Update 4/16/11

Looks very much like the bull alternate presented in Thursday's update has won out. 

ES - hourly 

At this point the most viable alternate is that Intermediate W2 (purple) is not yet complete.  In this case, the low of last Thursday would be labeled as a Minor Wave "a" with Minor Wave "b" in progress.  Most likely we're looking at a flat type formation being traced if this alternate is correct.

ES - hourly - alternate

Finally, the hyper bear alternate presented last Thursday cannot yet be ruled out.  If the ES keeps rallying through next week it does become less and less likely, but it bears (no pun intended) keeping in mind.  A print above ES 1329 reduces the probability of this alternate by about 95% and a print above the recent high of ES 1336.50 eliminates it.

ES - hourly - 2nd alternate
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