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!

Still not a prc sell yet!(rsi=62!). A further jump up to the next projection at 1167.50-1168 might generate one tho

Bingo! This was a prc sell 1167.50

Love the charts Kool. Keep 'em coming.

http://www.pivotfarm.com/futures.html.. to assist newer traders! Note the confluence near my 1159.25 projection

Prc players would have covered at the median line around 1165 since the rsi dipped under 20 and she just kept hanging around there for a couple min.. unfortunately i covered my short at 1166.00 for a 2 tick loss. Wanting to sell bad but studying to see where!

CHECK OUT MY 11:53 POST .. REMEMBER THE LITTLE CYCLE LOW?

Originally posted by koolblue

http://www.pivotfarm.com/futures.html.. to assist newer traders! Note the confluence near my 1159.25 projection

Great website. Thanks for the link.

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.