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)

long one from 864.25, worried alot about my other proj. 2.5 stop!

i'll exit 872 or just below

out 870.50, moving too darn fast ...plus 6.25... now up 24.75 ..hoping for the lower numbers i mentioned.

if this is really a 'decent low ' that i predicted, we'll likely see 882 area

can u see on 5 min chart its forming H&S pattern...

if it break 865 all bets r off

note the oversold condition , price proj. high 888.25 to first down at 875.00(price proj. was actually 853.50,but the cycle counting from the first dark candle at the high to the next good top gave the 12:50 bar as a low(dead nuts)

To all interested parties, thats a text book scalp, using all three tools,...cycles tech indicators and price proj. Also you can see why i chose the exit i did boll avg at the time was 873 and falling ,the very first bar gives proj of around 874-5 but i always split a little early(just in case!)

now thats right shoulder

but dont when till where it goes...

short one at 881.75, tight 2 point stop cause im either right or very wrong!

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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