Wednesday, 12/21/11 update

As usual there are a bunch of possible alternate Elliott counts for the ES at this juncture. One that bears watching has a triangle being formed since the early October lows. If true, the ES is in the final "e" wave of the structure. When concluded, prices will roll over into a bear market situation. This alternate has a much lower probability of others IMO, and can be ruled out if the ES significantly penetrates the upper trend line of the triangle in the 1260 area.