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!

Originally posted by Piker

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.

Looks like a prc buy coming at 1166.00

well not an official buy.. we were in the bands and the rsi was ok but we were 4 ticks from the one min proj down at 1166.00 so.. still watching. By the way acycle top from the 5 min chart comes around 2:40 or so

I am showing res at 73.20 to 74.20 on a few different time frames

On the very short term as ive shown on the most recent charts ,i have 1170.25-75 and 1172 then probably 1175-6. on the downside , 1166.00,1163.75 and of course 1159.25-50

There must be 50 -100 people following this thread, and no opinions on breaking up or down?... WIMPS!

Originally posted by koolblue

There must be 50 -100 people following this thread, and no opinions on breaking up or down?... WIMPS!

Haha. I think since we failed to rally past yesterday's close we will probably see more downside. But as your chart indicates, the big boys are sitting aside today.

YEAH ,I PROBABLY SHOULD TOO!..LOL... prc buy at 1166.00.. im long from 1166.25 just looking for the median line around 1168.25

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.