May 31st, 2010:
Posted by pugsma on May 31, 2010
Mon 5-31, 5:45pm EST: On Memorial Day, ES Futures traded in a range of 1086 to 1096 (1089 to 1099 cash equivalent). So the Futures have held above the Friday close of 1089. However, this is not enough information to determine if wave (2) is over at 1085 with the running flat from Friday or if there additional decline to the 1065 to 1079 range is needed in the more standart a-b-c corrective.
Fri. 5-28, 5:20pm: 5:20pm EST: Well we got the down leg to 1090 and a little extra (1085) that I was expecting. I believe this was the wave (2) of a runnning flat off the wave (1) high of 1090. However, I’m willing to entertain some more downward price movement in wave (2). In which case wave (1) ended yesterday at 1103 and today’s drop from 1103 to 1085 was the a-leg of a 5-3-5, a-b-c, Zig-Zag. The ramp back up to 1100 this afternoon was the b-leg and we began the c-leg down at the close. For this variant of wave (2), the targets for the completion are from 1065 (62%) to 1079 (38%). A drop to 1065 would close the 1068 to 1074 gap left open by Thursday agressive push higher. The target for wave (3) of this count is the 1120 to 1130 area mid to late next week. And ultimately wave (5)-1-[1]-P3 has a target of 1140 to 1150.
The first altenate count is in sync with the primary count in that we are in wave (2)-A-[B]-P2 with a target for (5)-A-[B]-P2 at 1140 to 1150. And the second alternate count is that we are in wave iii-(5)-[C]-P2 down towards 1041.
Have a great Memorial 3-Day Weekend!
SP-500 15-min Chart (EOD):
SP-500 60-min Chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.