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Saturday, January 24, 2015

Saturday, 1/24/15 update

More than once in the last week I've stared at a chart of the ES and asked: what ARE you doing?  The pattern since the Dec 16 low is chock full of overlaps and 3 wave moves in both directions, extremely difficult to discern from an Elliott Wave perspective.  It's been like watching a swimmer who's escaped from a strong undertow and now has his head above water, but that undertow is not far below the surface and is tugging at his feet.  So what happens if that swimmer gets tired?  Bear market time.....

Anyway, the below short term count is very tentative.  If correct, the move up from the Dec 16 lows hasn't got a lot farther to run, after which the bottom should fall out.


There are a number of bullish possibilities here, but they come into play if the ES keeps moving up to new ATH's.  If that occurs then those possibilities can be examined.
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