Wednesday, 12/12/12 update

The EW bear alternate in the ES looks like it completed the 2nd zig-zag up off the Nov 16 low today.  EW rules allow for up to 3 zig zags in a multiple zig zag correction, so it is possible for more rally to occur before the correction is concluded.  Obviously a rally to new highs (only 30 points above today's high) invalidates this alternate.