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ES 8-25-08


The measured move is surpassed without making a higher high and has fulfilled three descending premium prices from 94. I've a day limit at price short at the open targeting 80 even for 12.25 points, using a 4 point stop.

The false bull was a B wave pullup in a bear controlled double zig-zag ABC whose measured move would come in at 1220.25, breaching the bull's second wave, where bears were satisfied at 1231.50. It's too early to tell if a bounce from 20 will be a bonifide 3rd wave of the bull or a failed attempt leading to new bear market lows. I strongly suspect bull head-fakes all the way down from here to a double bottom at 1200.75 and then a bear exahustion move until it irons out to create a bottom. It's been one hell of a bull run. I'm targeting 1140 when I decide to get longer-term. I want to see what the bull bounce does however.

First thing's first though; bears have to hold 80 even.
I am watching that gap on friday @ 81.75, and after testing the upper end of the monthly DVA on MP looks like were heading for the VAL @ 64.
Thanks,Joe. im feeling better about my next buy scalp attempt at 1282. Watching 1288 on the upside.
long at 1282.25, covering one at 1284.00. stop on remaining at 1281.25
stopped on remaining. up 6.25 and watching....
I'll be long 80 to 86.
im buying 1 at 1279.75, selling 2 1286.50-1288
short 83.25 targeting 69.75, 7 point stop 12 cars day order. I'm not buying into the head-fakes. This rag's going to tank.
If we don't get a bounce at 80.25 the bounce at 80 even wont mean a damn thing. Despite the pony show there isn't anywhere found price satisfaction. 80 is the last primary trendline needed to be made resistance in order to create a failed 3rd. lol
Long one at 1279.75, 3 point stop.
looks like ur right SPQR, i was just hoping for a small bounce off of the weekly pivot.
Thanks Joe