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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 took 2 handles. It looks like it could pop up for a strong 3rd wave try. I'm not playn' this one though. Two winning trades and a pence for my broker. I'm happy. I don't want to lose money today.
"tommorow is going to be wonderfull because i have no idea whats going on today." Neils Bohr - physicist
If only I had a Benjamin Franklin for everytime I've seen that jack move. Those sharks hate freshmen. lol Poor bastards.
sold one at 1268.00, scalping for 1265 area.2 point stop
covering at 1266.00, i hope
Nice trade, Kool. Good eye for support at the bounce.
Thats it for me ..up 5 handles on the day. See ya tommorrow! Filled at 1267.00.OFF to the salt mine!
LOD 64.25 ;) bought some @ 65.25
Sweet call Joe
Watchout for that 377 slam at 70.75. I wouldn't call it the bull just yet. Careful.
Thanks Joe