Thursday 4/7/11 wrap up

ES continued it's sideways grind today.  On a daily chart it looks like it wants to roll over, but on the hourly chart it's been all three wave moves in both directions and in a very narrow range since last Friday.   So the best interpretation is that we're seeing a correction to the uptrend and not a change in trend - at least not yet.  Current count has this as a 4th wave, so a stab up would complete the rally from Mar 16 and then more serious selling can be expected.  Next week is op ex week which is usually a rally week, so a 5th wave next week would make sense.

ES - hourly