Weekly ES: Below is a weekly ES chart with a fork that seems to contain the move very well. The top, left peak is the Oct 2007 highs. The gray lines are 1.382 extension of the fork. You can see, we are currently at the top of this fork.
Weekly ES: This isn't the most precise of trendlines, but interesting none-the-less.
Daily ES: Zooming down to the daily ES, we have been following another fork very closely for weeks. The fork from the weekly is still on this cart. As you can see, on 6/2, we bounced off where the gray, "1.382" line and the current fork meet. We also closed above the 200 SMA (bullish sign), then retested it today (6/3). The fact we tested it (almost exactly) and bounced, is another bullish sign.
Daily ES: Zooming in a bit closer (still daily chart), we see that the current wave up (right arrow) reacted at the 1.272 fib extension level of the previous wave down (left arrow). I find this pattern happens very often with the ES. In particular, on the 987T chart.
Weekly NQ: Looking at the weekly NQ, we use a fork using the same three points as with the ES except we put the fork in "modified" mode, which puts the start of the median line 50% down from the peak. You can see we are revisiting that median line now, right at the 1.272 extension. This is also the 10/13/2008 high. Resistance from here?
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