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Monday, February 1, 2010

E-minis [Update 3:25PM EST]

[Update 3:25PM: If the RUT cannot break above the upper trendline and collapses down, there is a potential ending diagonal alert.]

[Update 3:00 PM: The move down from "c" to the Friday low looks like a zigzag.  It could be a (b) wave of a Minute [ii] 3-3-5 expanded flat.  However the rebound does not look like a "five" just yet, instead it looks like an ascending triangle which would be a 'b' wave and therefore a "three".  So if this is Minute [ii], then maybe it traces a double zigzag up, or some kind of expanded flat with a new low to come in a (b) wave down. 

So many possibilities which is the way correctives tend to go.

No new low overnight.  There is not really a channel on the e-minis, all hours, at the moment, more like a wedging effect. 
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