Friday, May 6, 2011

ES ~ Pre-Market Warm-Up ~ 6 May 2011

Today is the 1-year anniversary of the flash crash:

Pre-Market it looks like this year we'll see more of a flash rally than a crash:

The downtrendline was breached after the release of the employment numbers and a few minutes ago we hit the 50 % retracement of the most recent downmove. As written yesterday this rally could only be a (b) wave i.e. another sell off 1330ish should follow next week.
Should we rally above ES 1355 though then I think wave [ii] is over and wave [iii] is underway.