ES Futures Possible Three Wave Move On Daily Chart 09/22/11

The current down move looks almost identical to the down move in August.

So far, the market is refusing to go higher than the 50% correction level of the last down wave on the daily chart with a correction high of 1223.75. If we get a close lower than 1105.50, we may see the completion of a three-wave move, which would take the ES futures down to 954.

Charles