Saturday, 4/7/12 update

Friday morning's sharp drop in the ES has brought two Elliot alternates into focus: bearish and uber-bearish. As usual with Elliot, there is a bullish alternate which would have Friday's drop being pretty much the extent of the selling for now, but that alternate seems unlikely at this particular point in time.

Bearish - daily bars

Bearish - hourly bars

Uber-bearish - daily bars

Uber-bearish - hourly bars