Friday, May 21, 2010

ES ~ Pre-Market Update 21 May 2010

The ES is currently down about 10 handles, just above the crash lows.

As opposed to the SPX chart in the ES I can see a third of a third. So, we only need a few fourth and fifth waves to complete this impulse.

I calculated a low for wave 3 at ES 1045ish and for wave 5 at 1020ish using the usual fibonacci relationships between the waves. Fifth waves are often a bit tricky to trade though, they can extend or truncate, so may be we won't get as low as 1020.