Bull alternate
Bear alternate
In depth discussion of these alternates can be found in the chart section of this site here.
From a short term perspective, the rally from the Jun 24 low into the Jul 1 top looks like the 1st wave of the move. Wave 2 bottomed (after an odd looking correction) at 1594.00 on Jul 3rd and wave 3 is currently in progress. Best guess on the internal count for wave 3 is shown, which will require two wave 4 & 5 sequences yet to complete. However, it should be mentioned that there is a way to count wave 3 as much closer to completion (not shown). So the status of wave 3 is an open question. Either way, it appears that the bull move off the Jun 24 low has a distance yet to travel before a significant top can be expected.
One other note: the Al's travel indicator is about to go off. I'm scheduled for a 5 day business trip starting Sunday, Jul 21 through Thur, Jul 25. Because I'll be on the road in airplanes and driving etc I won't be able to monitor the market very closely at all. When I travel it seems that the ES inevitably hits a critical juncture and I miss a major turn (last trip I was on was Apr 16 - 19). So put your astrology charts aside, more than likely the current bull move will top somewhere in the Jul 21 to Jul 25 time frame based on my travel plans. And if that happens, I'm going to once again ask WHO'S IN CHARGE OF THIS S....!!
