Closer to confirming a local bottom.

The price action today in the ES went a long way to confirming a local bottom to our abc move off the May highs. The ES pushed for a 5th up from the Sunday night post-Greece Shenanigans low and then retraced a nice corrective retrace of 50% before turning up sharply and continuing the move after the close. The SPX still has a bit of a murky picture but the low this morning can count as our truncated (v) of (c) and whiel the abc retrace in SPX was much deeper it did hold the low too and turned up nicely.

As we have stated before we are looking for an (a) of circle v of the ED off Oct. and that (a) can easily be abc and the a of that abc can also be a 3 wave ABC move. so we need not be so desperate for a clean impulse to mark our bottom. We have potential for a completed (c) wave of the circle iv. (or the alt yellow circle a). We are now looking for additional bottoming signs and moves up through resistance levels. 2085 is the next of those would should confirm more of a bounce toward the 2100-2110 region.

@ES# - Alternate 2 - Jul-06 1906 PM (5 min)
@ES# - Alternate 2 - Jul-06 1906 PM (5 min)
.INX - Primary Analysis - Jul-06 1909 PM (1 hour)
.INX - Primary Analysis - Jul-06 1909 PM (1 hour)
Zac Mannes is co-host of the service Stock Waves within the ElliottWaveTrader Trading Room that provides wave alerts and trade set-ups on individual stocks.