Wednesday, August 26, 2009

ES

Pretty choppy, pretty slow, pretty uneventful sums up today's action. Range was 11.75 handles, though volume was about average.

Don't like these daily candles. Small bodied spinning tops/doji like.

I really don't have a perferred count. I show several possibilities on chart. My guess is that we either have a triangle in play or some complex 4 wave.

It's also possible that i'm worried about nothing and we have put in some i-ii, [1]-[2]'s and it's ready to take off. Problem with this count is the internals are not matching up.

If we are tracing a triangle, my bet is that d has not completed and needs additional work, as talked about in eChat. Remember that triangle leg's need to be 3's. d appears to be a 5.

As mentioned last night, it feels like my count should be further along in the process than what I have it at.

I do have some fib projections (white) on the chart that are taken from the 1018.25 L, 1038 H, and 1020.25 L.

I would expect some type of resolution of whatever the structure is tomorrow (I hope).

FWIW I'm long 1023 with a 1020 stop.

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