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ES 8-21-08

That is no bull 4th wave. I think it's the 5th wave of the bear hell-bent on reaching 54, and winning it. The bull baseline is toast, but they began to form another. I want to see the action at 68 before I make a decision. If 68 is lost there's nothing in the way of bears. In fact I do believe this 5th wave is trying to throw-over 57, its own channel. If so a measured .618 correction of the entire run to 1243 seems likely. Which at the end of it will either be the beginning of a bonifide bull 3rd impulse to correct 1441 or the continuation of the bear market.

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Here's a shot of my 5000T with all of the trimmings.

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I just read a post of a options trader quote "next stop to downside 1222 then we rally to 1355".

I still have to make my own decision, but I have ask him/her how these areas were obtained
scalping a long here.2 point stop.
missed it! was looking for slightly lower... too bad.
order in to sell 2 at 1270.25.You all know my opinion, downside bias into friday and the low 50s.May adjust entry as we get closer though.
covering one at 1270, stop on remaing at 1274.25
they just don't seem to want to let this go this from a fundamental
perspective only would be real tricky.....I guess we could justify ANY direction in here..for me my justification
comes from the profile which I think wants to fill in the low volume areas above.....but I was wrong....

just kidding.....good trades today!!!
Hope so , i rarely have 2 terrible days in a row ... but it does happen!Still up slightly for the week tho
covering here at 1268.50,will try for an entry closer to 1273 area.
Whats this ...stop run, or legit buying?
Thanks are on top of it........we have some single near 90 too....93.75 is last months high so that is a good zone up top,,,,,
Originally posted by redsixspeed

Originally posted by BruceM

don't like the shorts up here today..all markets above high volume trade under first minute lows today so that is first sign for me that two sided traded is not happening as much as it should.....trying to fiqure out when they will get 82 area

Bruce; We have an untested value area above us @ 80.25 to 1302.75
& naked POC @ 1293.25 correct
or am I behind the