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Saturday, April 30, 2016

Saturday, 4/30/16 update

The Elliott pattern in the ES since the Apr 20 high is very difficult to discern.  In particular it's a muddy mess from Friday the 22nd through Thur of this week.  The cash market (SPX) is a lot cleaner:


So gearing off that, the short term count for the ES looks like this:


It should be noted that a couple of my short term oscillators generated buy signals at Friday's close, if they are accurate and they lead to significant short term upswings then the above counts will need revision.

The bigger question is whether the Apr 20 high was in fact the terminus for the run up from the early Feb lows.  Odds are good that it was, but that thought remains unconfirmed until a solid 5 wave structure down is generated, which at this point has not yet occurred outside of micro degree levels.
 
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