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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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covering
covered at 1268.50..up 4.5 for the day...mini cycle low hits around 11:40(..maybe..lol)
well done kool
not much of a low yet...No idea where we are heading. sitting on my hands for a while
SOLD ONE AT 1272.25,STOP AT 1274
Covering soon since a test of 1276 seems likely.should have known when the cycle didnt take it down below1268!
covering here
OK..im out 1270.75. Now im REALLY going to sit for a while!
Consolidation around 71?
quote:
Originally posted by redsixspeed

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



This is according to his envelopes on the spx
Thanks RED..you 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,,,,,
quote:
Originally posted by redsixspeed

quote:
Originally posted by BruceM

don't like the shorts up here today..all markets above high volume bars....no 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
?