If the proposed correction is still in progress, chances are that the next down leg has started at today's high. A minor higher high tomorrow is also acceptable but not preferred. On balance, upticks appear to be loosing momentum. See charts. See Nonconfirmation (12/7/12) for discussions.
[815am] ES update -
ES continues to bounce between near term trend lines (Chart 1). Chart 2 shows tracking counts, especially the red triangle lines. See Nonconfirmation (12/7/12) for discussions.
