Wednesday, 7/25/12 update

The IT bear alternate has jumped to the forefront, right now that has to be the more likely possibility.  The sell off from last Thursday into yesterday's lows was clearly impulsive.  In the bear alternate that is currently labeled as a Minute W1.  Minute W2 is thus now in progress, and actually was possibly done today.  However, it's more likely that the correction has a little more time and distance yet to run, if it was complete today it lasted less than a day (against a 3 day+ sell off) and retraced less than .382 of Minute W1.  More likely the corrective bounce has at least another day to run and could easily reach a .50 retrace at ES 1348.50. 

Longer term perspective of the bearish alternate has the ES in the early stages of an Intermediate W3 down: