Jan 21st, 2011: Update 2 – Morning
Posted by pugsma on January 21, 2011
11:45 am EST: Beautiful 5-waves down and 3-waves up on ES Futures 60-min chart.
ES Futures 60-min chart (11:35 am):
10:20 am EST: For the primary count, I’m looking at the 78% retrace of 1291 to top wave (2) of A-[2]-P3, along with the new speculative down channel shown on the 5 and 15-min charts. Above the 1291 pivot resistance, I favor the alternate count for wave B of (2)-3-[3]-P3 where may be looking at the possibility of a flat to test 1296 or expanded flat to test 1302 (1.23*A), then a drop back towards the 1257 pivot for wave C.
Notice how weak the Russel-2000 small caps are today relative to the SP-500 and DOw-30. They small caps have been leading this move lower, along with the Nasdaq.
SP-500 5-min chart (10:17 am):
SP-500 15-min chart (10:17 am):
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