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Saturday, July 23, 2016

Saturday, 7/23/16 update

The last seven trading days have been entirely forgettable: a slow sideways grind.  These types of periods are difficult to chart from an EW perspective.  Here's what it looks like in the ES futures, but this may need to be revised as the market continues to develop:

As can be seen, if this count is correct then the rally that commenced at the end of June should resume after a relatively minor correction over the next day or two.  Again, that's IF this count is correct.

Backing out to a wider view, we have two impulsive sequences up from the Jun 27 low:

The preferred count is that those impulses have formed waves 1 through 3 of the move into the recent high with wave 4 in progress and wave 5 to follow with targets at ES 2202 and 2254.

An alternate view would be that the pattern up from the Jun 27th low is a series of nested waves 1 & 2:

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