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ES 7-19-11


cleanup aisle 3
1291 is the 61.8% retrace level of 1252-1354

perfection as the cross of 1293 only allows for a diagonal for higher
3 waves up to 1354
3 waves down to 1291
only problem is the alternates can be quite bearish
I'm no expert but am considering the possibility that 1354 could be the peak of a truncated 5th wave

no one said it was easy

looking for 1312.50 top possibly
other areas to consider here are 1315 and 1322 fib levels
1307 and 1303.5 50% levels below

I try to time the market and had mentioned Tues in a note Friday
My weakness is timing but expect the direction to be revealed this week
First decent volume

Click image for original size
2011 07 191037
INDU at 12,500 support
Click image for original size
2011 07 191128
news: Moody's put US on review for possible downdgrade
Article in the WSJ on US spending. Chart tells it all

http://online.wsj.com/article/SB10001424052702304203304576446332084493902.html

Unconfirmed L bracket single at 1316.50

Click image for original size
Unconfirmed L bracket single in ES.
L bracket single now confirmed at 1316.50

Click image for original size
Confirmed L bracket single in ES.
Here's the profile for the previously posted L bracket single print.

[1324.25] P
[1324.00] P
[1323.75] P
[1323.50] NP
[1323.25] NP
[1323.00] NP
[1322.75] NPQ
[1322.50] NPQ
[1322.25] NPQ
[1322.00] NPQ
[1321.75] NPQ
[1321.50] LNPQ
[1321.25] LNQ
[1321.00] LN
[1320.75] LN
[1320.50] LN
[1320.25] LMN
[1320.00] LMN
[1319.75] LMN
[1319.50] LMN
[1319.25] LMN
[1319.00] LM [DVAH]
[1318.75] LM
[1318.50] LM
[1318.25] LM
[1318.00] LM
[1317.75] LM
[1317.50] LM
[1317.25] L
[1317.00] L
[1316.75] L
[1316.50] L (single print confirmed)
[1316.25] EL
[1316.00] EFL
[1315.75] EFKL
[1315.50] EFKL
[1315.25] EFKL
[1315.00] EFKL
[1314.75] EFGKL
[1314.50] DEFGJK
[1314.25] DEFGJK
[1314.00] DEFGHJK [DPOC]
[1313.75] DEFGHJK
[1313.50] DEGHJK
[1313.25] DEGHIJK
[1313.00] DEGHIJK
[1312.75] DEGHIJK
[1312.50] DEGHIJK
[1312.25] DGHIJK
[1312.00] DHIJK
[1311.75] DHIJK
[1311.50] DHIJK
[1311.25] DHIK
[1311.00] DH
[1310.75] DH
[1310.50] DH
[1310.25] DH
[1310.00] D [DVAL]
[1309.75] D
[1309.50] D
[1309.25] D
[1309.00] D
[1308.75] D
[1308.50] D
[1308.25] D