[EOD] Using the ES(March), the primary count is that there is a small-degree fifth wave left to complete [iii] of minor wave 5 (or less likely, [v] of minor wave 5) assuming no extension. The bearish alternative count is that the top of either [iii] or [v] is in (red count in Chart 2). The green support line offers an initial confirmation of a top, assuming no extension.
These options would correspond to a meaningful pullback scenario highlighted in Hope Rally Update 2 (12/31/10).
The bullish alternative count is that the current high is only iii of (iii) (or even [1] of iii of (iii)) - in other words, a third wave at certain degree is extending. This scenario would correspond to the (very) shallow pullback scenario outlined in the weekend commentary.
[1150am] Count update (ES) -
[Sunday 1010pm] ES and DX update -Stock futures and the dollar index are both up
