by Avi Gilburt, ElliottWaveTrader.net
Tuesday November 26th 2013
With the ES unable to mount too much of a rally from its lows, the move up has been very overlapping. This leads me to one of two conclusions: either it has topped and this is a wave ii retracement, or we are seeing a diagonal up off the lows. The techcnials are also supportive of this being a topping region. But, yet, there is no confirmation.
At this time, confirmation initially comes in a break down below the 1801ES region, followed by a strong move below 1792ES. IF we do see that, then we are likely going to be heading down to the lower Primary Support region, and we will then see how the pattern unfolds into that region.
Ultimately, from what I am seeing in the ES, it is becoming less likely that a strong break out over 1825ES is imminent.
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