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July 20th, 2010: Update 3 – Mid-day

Posted by pugsma on July 20, 2010

11:35 pm EST:  Looks like we have an impulse wave up off the 1056.88 cash martket low (ES 1053) to 1068.83.  It can be counted as a leading diagonal, which means we could get a 78% retrace back toward 1060.   Also, notice the potential bull flag that has formed on the ES chart below, which targets ES 1095 (1099 cash).  Finally, notice the down channel break on the ES chart below.  All of this is bullish.  Let’s see how it plays forward…

ES Futures 60-min chart (11:20 am):

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