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Friday, June 17, 2016

Friday, 6/17/16 update

The question to be answered at this juncture is whether Major W2 ended at the mid-May low or whether it's still in progress.  The alternates look like this:

Bear alternate

Bull alternate

Right now the bear alternate appears to have an edge when looking at timing oscillators ( Also this is a seasonally bearish period.  But most importantly, the short term EW count shown on the hourly bearish alternate chart is a much better fit to the pattern.  This last week it appears that the ES traced out a running flat, with Thursday's low being the "B" wave of the flat:

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