Friday, May 21, 2010

Intraday Update 21 May 2010

Wave 3 almost reached my target and may have bottomed, we should see Wave 4 up to 1080 now.

Alternative count is that this is another 1-2 with a crash to come later today down to SPX 1000... : D First count is more likely imo though so we should see one more new low in the ES 1020 area after a rally to ~1080

Edit: 38% retracement is at 1090, so we may go even as high as that.

Edit 10:30 AM EDT: Wow what a rally. This was likely only wave (a) of [4] (@ES 1179). ES 1066 should have completed (b) of [4] and now (c) up to 1090?

Edit 12:15 PM EDT: ES almost hit 1090, wave (c) finished?