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Saturday, May 30, 2015

Saturday, 5/30/15 update

After teasing us with new highs the week before last the ES has lapsed back into a sideways chop.  There are now a myriad of alternate possible EW counts, but I favor an ending diagonal of some sort because a sideways chop fits that type of pattern.  Following are updates on the two alternates that have been followed in recent weeks, both of which can now be viewed as recently forming an ending diagonal on one time frame or another.  The significant practical difference between the two is that Alternate #1 has a very significant Primary W III top very close by whereas Alternate #2 has that top off in the distance.

Alternate #1

Alternate #2

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