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Monday, May 7, 2012

Monday, 5/7/12 update

There are several possibilities for ES Elliot counts at this juncture.
1st is that the low last night was a selling climax to a double zig-zag 4th wave that started in late March.  The ES would thus be expected to rally to new highs in a 5th wave over the coming days. 

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The 2nd possibility is that the double zig-zag is not yet complete.

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Finally it could be that the selling since late March is only the early stages of a pretty serious bear market and that there is thus a lot more yet to come.  This needs to be given serious consideration for a whole host of reasons.  One of those is what's happening in commodities as Albertarocks has pointed out in a recent post.

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3 comments:

  1. Looks like second scenario is in play.

    ReplyDelete
  2.  Yes it does.

    ReplyDelete
  3. Any update on this, Al?

    ReplyDelete