Sunday, 8/19/12 update

The IT bearish alternate for the ES has an invalidation point of 1419.75.  With this evening's high print of 1417.50 and with the EW count in an apparent 3rd wave it seems fairly certain to be ruled out sometime over the coming hours.

So that leaves the bullish alternate.  That count has the ES in an ending diagonal that's been unfolding  since the lows of last October:

Zoomed in:

OR

The idea here is that the entire bull market since the Mar '09 low has been an "X" wave which merely serves to separate two major bear markets, and that X wave has formed a double zig-zag which is in it's last stages.  If the above charts are in any way close to what may occur, then a major top can be expected sometime in late September or October.

There is another alternate that's been put forward by Pretzel which this site hadn't seen but which also is possible.  It's a variation on the same theme and projects the same results in the same basic time frame (note: don't know if Pretzel consider's the bull market since Mar '09 an X wave):