INX and ES prices are at their expected higher levels for the current move so; we have sold some long positions but we are not taking on new overnight shorts until we see clear evidence of a completed pattern. Until then, there is still a further objective for INX at 1360 as measured internally on the half-hourly chart and 1383 as measured on a daily bar chart.
Prices have been advancing on low volume but the declines have been on even less volume. Therefore, until we see a commitment in either direction, we will have to keep an open mind and be willing to accept stop outs in either direction if we trade. Meanwhile, the wave count of next larger degree of trend is still that of an Elliott "Extended Fifth". We still expect to see a major sell off within the next seven trading days and probably if INX and ES rally into the Full Moon of 2-18-11.

- INX and ES 30 minute bars

- INX daily bars
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