ES 10-24-08

Well, im quite certain no one believed me yesterday when i said a decline to 852 would not surprise me. Maybe you would be interested in this. I think it time to reveal the longer term price proj. for what its worth. The daily chart price proj. comes in at around 812.50. The weekly also gives 812 and a possible 777.50. The bottom of the cycle starting from 1576 bottoms initially in Jan. 09. The shorter term charts (60 min. etc.) also confirm 812 area and potentially down to 755.25. The worst case scenerio i can find on any of the charts is around 742-748. Whatever happens in the next few days,weeks and months we would be wise to remember these areas,even if not achieved soon, not for 'the bottom' but as potential turning points for decent bounces. Since they come from 'longer term' charts , they should be treated as areas for a trend change not necessarily 'exact' numbers. By the way , ive commented on the closing ticks many times. Nuff said.Also i expected a peak, from the daily charts on thursday. As we seemed to be declining into this time frame, that would simply imply very neg. cycle action. ill bet yesterdays high, or the day befores will certainly look like at least some kind of peak in the fullness of time. I could be completely wrong on everything ,of course, but just wanted to share some thoughts with my friends here on the forum. By the by, on last nights globex chart, the decline from the globex high(917.25) to the first significant pause at 2:40(863), gives a proj. to 775...very close to the 777 number from longer term charts. incidently , limit down during the day sessin would come in around 795 or so i think (not that i expect it to be seen, but since the 'triangle' on the daily charts has broken to the downside, i suppose anything is possible)

Man, i just hope Bush doesnt go on tv today to ' calm' the markets , cause if he does i promise well see limit down at 795!ROFL!

I agree with that wholeheartedly!

Margie see the first one min. candle? INtime s like this {extremely volital) and you have a candle with a very long wick(peak or low) the price proj is calculated from ,in this case the low to the bottom of the candle (in this case the close). so that almost made me sell the proj. (1 min) at 863!)for a quick scalp!

USING THE REVERSE EXAMPLE, THE 1 MIN BAR AT 9;37 CALLS FOR 848

short one at 862.00,looking for 848...exit sooner

I think they wantthat 71 -72..cool day

870 gets the 50% gap fill folks too,,,so that will be an interesting area

stopped at 865.5, loss of 3.5, trading one only for now, next short is 872.00,4 point stop

Kool, are you saying you do not count the wick when calculating your projection?

first stop, 865.50

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Originally posted by prestwickdrive

quote:

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Originally posted by prestwickdrive

+50% IB = 897. Sq 9s @ 886 & 901

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897 top so far

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great call PWD. I also like to confirm areas either by pattern,
other #s i.e. so9, volume, and projections. The more I confirm
the better. Thanks for your input