Back to no evidence of a top

Garrett Patten By

The market rebounded today, easily exceeding the retrace resistance this morning that was cited as where a corrective (B)-wave bounce needed to hold. 

Therefore, price appears to want to attempt another high as at least further extension in wave C of v. Assuming a higher high is seen, 6809.50 and 6819.25 ES are now the next fib targets possible to reach above yesterday's high. 

Otherwise, to start treating price immediately bearish again, a break back below 6775 ES is needed as the first warning sign of weakness and eventually price needs to take out yesterday's low to reestablish a potential top.
ESZ25 - Micro - Oct-08 1209 PM (30 min)
ESZ25 - Micro - Oct-08 1209 PM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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