Sunday, 1/13/12 update

In the ES/SPX the intermediate term bull trend from mid-November continues to truck along.  The preferred count has this move labeled as a Minor Wave "c", with Minute W1 and W2 done and Minute W3 blasting off with the sharp rally from Dec 30 to Jan 4.

On the very short term Micro W1 of Minute W3 appears complete at the high of 1463.00 on Jan 4.  After the Jan 4 high the ES traced out a 3 wave move into a low of  1446.00 on Jan 8, which could be the extent of Micro W2.  However, that would be a very shallow retracement of Micro W1.  Also, the two day rally from the Jan 8 low was very choppy.  So it's possible that Micro W2 is still in progress and thus will deliver a deeper retracement of Micro W1 before the onset of Micro W3.

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