ES short term trading 5-13-10

Impressive rally so far after an even more impressive decline last week! I think i should clarify my views on something. As i have been posting , im of the opinion that new yearly highs lie ahead.Most bloggers have still not quite embraced that view yet(they will!..lol). But i have also said that the decline is not over yet. Remember as it was happening i declared that this is what a capitulation bottom looks like? (refer to posts on crash day 5-6-10) . That would likely be the price low.(most bloggers have now begun to adopt that opinion) . I just feel the 'form' of the decline need one more leg down, likely into the 19th or 24th (refer to Kools calendar). In other words the price was ok, but the market may need more decline in terms of time.Any way , thats my opinion, right or wrong, for purposes of clarification. So the question for me is .. are we ready for that last leg down yet? If its going to happen at all, i mentioned days ago ,it would be most likely from this area,or the .886 retrace zone around 1183(which is a daily projection). Of course i could be completely wrong on all of this , but currently its my overriding bias. Time will tell!

first week anniversary of flash crash....
go from one extreme to the other....lol...

Make sure you open up my charts so you can see the whole thing! As you see we broke to the downside (i was rght about selling being the way to go today , which is why im basically b.e. on the day...lol)I guess the triangle target would be about 1148.75? But that could be a ways off ! Looking for 62, then 59.50 first!

A test of the lower triangle boundry and rejection comes around 1166. this is commonly called the kiss of death! Its also where the infamous red avg (15 ema)on the 5 min chart , and the median line 5 min prc!.. Thats a whole lot of coincidence in my book!

last post today! Its too hard to trade and post!.. i'll likely buy 1162.00 for a quick 1.5-2 handle bounce or sell 1165.75... see ya tomorrow!

Using Kools Tools, move from 69.75 to 66.0 projects 60.0

Originally posted by prestwickdrive

Using Kools Tools, move from 69.75 to 66.0 projects 60.0

Next projection based on 69.75-65.0 projects 57.25 then 69.75-62.75 projects 51.5. carry over pitsingle ticks 56.0-59.25 filling.