ES Update for June 25 - 26

Yesterdays big down at the open shouldn't have surprised elliott wave practitioners.  We were following the final subdivisions of an A-B-C correction that once complete, would lead to another round of selling. For a more detailed review of Friday's post  click here.  

Above is the all session , 15 min chart as opposed to the daily session chart above. Fast moving impulse waves can be initially difficult to label  UNLESS we know which wave is the extended wave.  I've now added some wave labels to describe the decline from the 6/19/2012 high which represent my preferred wave count. While it remains to be seen as to whether w.(iv) is already complete or develops in a more complex fashion, I'm looking for another wave down to complete this five wave sequence once w.(iv) is confirmed complete. 

Best of Trading

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