An ES Observation


There's a double bottom at today's low and yesterday's low. I'll admit I rarely call every move of a swing, most can't, but all it could take for a bottom against this run to manifest is a solitary tick below the low right now (1261).

I anticipate a run up to 1267, a retrace on a head fake, then a test at S1 overshooting it to 1273.50 at much the same. There's no way of knowing where it'll bottom, though this much I know: you can expect a strong move down from 1273.50, a believable retrace from it that'll make you question whether long's the better trade, until there's one last retrace by buyers barely even registering. I'm talking a vertical drop-off and total seller control.

Grab a few points short to pay some bills but mostly stay flat looking for a full body buyer's candle after seller's exhaustion and all retraces accounted for. Then, take the long home with you on a GTC order. It'll be good for a couple of weeks.
I hope this happens for you. It seems that so many are calling for a bottom that we may have further to go...perhaps in times like these we may need to just wait for a classic O'neil up day and follow through day...
quote:
Originally posted by BruceM

I hope this happens for you. It seems that so many are calling for a bottom that we may have further to go...perhaps in times like these we may need to just wait for a classic O'neil up day and follow through day...



Thanks, Bruce.

I'm short 67 scaleout 1,2,3 at targets 3 ticks, 6 ticks and 3.5 points with a limit waiting for the third lot at 63.50. The fourth wave will come back down.

I gotta work on that wave time projection though.

Too I hope all's well with you.
well done..sure seems like the low is in down into that 1252.....huge ticks and 20 point range in 45 minutes to downside.....