Monday, June 7, 2010

ES ~ Elliott Wave Count 7 June 2010

Early afternoon the bulls tried to break 1070ish again but failed miserably. When 1058 was breached selling accelerated and did not stop until we hit the overnight lows at 1052ish. A tiny bounce was all the bulls got, the market continued to sell off and closed at the lows of the day.

Next support is the May low which may get tested overnight and then if that's breached we could sell off to 1020 or even to 1000.

It's quite hard to label the short term waves but the downmove to 1052 was possibly wave i followed by a very short second wave and now wave iii is underway with a target of 990-1020.