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Sunday, December 2, 2012

Sunday, 12/2/12 update

In the ES/SPX choppy week last week but prices up by the end of the week nevertheless.  The sideways chop of most of Thursday through Friday looks like the market consolidating for another stab higher.  Both the bull and bear alternates appear to confirm this idea, with the ES half way through the second zig-zag off the Nov 16 low in the bear count and  working out a Micro Wave 2 of Minute Wave 3 in the bull count.

Bear alternate

Bull alternate

The question yet to be answered is how far will the holiday rally carry things.  If the ES should rally significantly up past 1440.00 the bear alternate will be in serious jeopardy.
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