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Wednesday, October 21, 2015

Wednesday, 10/21/15 update

Looks like the ES may finally have topped today after a few days of torture in the form of an ending diagonal 5th wave.  The high print overnight last night was 2034.25, right smack in the resistance area identified in last weekend's post:

The question of whether the move up of the last few weeks was the C wave in a bear market rally as in the above chart or whether it was a leg of a developing bull market still remains open.  There are two areas of potential support that bear watching (no pun intended): ES 1990 and below that ES 1930.   The blue line in the hourly chart below highlights those:

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