Saturday, 3/17/12 update

Upward march continues in the ES, although the Elliott count indicates a minor pullback (10 - 15 points) over the next couple of days.

Updated charts on the two alternates presented in Wednesday's post:

Alternate #1

Alternate #2

The US$ rally that looked so promising a few days ago may have just been a correction to an ongoing bear market. As of Friday it's extremely close to confirming a downside reversal. If so, bearish pressure on equities from that direction will be removed.