The ES-F market traded to a high of 1296 in the combined Pit and Electronic session and 1295 in the daily electronic session. Both these values have exceeded 1291.75 where w.v = w.1. My comments regarding "Hints of a Top" that were made in this weekends addition of "Heard On The Street"covered what I am looking for when confirming a top. You can read that blog post at http://elliottwavelive.blogspot.com/2011/01/heard-on-street.html A good exercise would be to review each sell signal against the market's price action on a daily basis.
Bottom line - the topping process continues as there is no evidence provided by price that a top has been struck. I continue to focus on an initial five wave decline before assuming an bearish posture.
Best of Trading
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