Saturday, 8/16/15 update

Friday's high at ES 1961 marked a 70 point bounce off the low of Friday Aug 8.  Nice jump so far, but it needs to be pointed out that 40 points of that move all occurred on the 1st day.  The bullish preferred EW count shows a series of nested waves 1 & 2 off the Aug 8 low, if so there should be some upside acceleration immediately ahead.  If not this market could be in trouble as shown in the alternate count, which has the ES tracing out an ending diagonal "c" wave of an irregular flat 2nd wave of a developing bear market.  

Preferred count

Alternate count