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Stopped out breakeven on a short from 1274.50, so i tried again at 1278.00. covered at 1277.00.Had to cover because my charts went down! Unfortunately, this trade was only 2 es so im still starting the week down 13!...sheesh
First, a few comments on the longer term. I dont really care much since i scalp trade, but i notice a lot of posts about it. I would expect the big boyz to generally run this thing up into the elections.Remember i still have outstanding upside projections at 1326,1343, and around 1370. Having said that, Im very leery of the recent action,orchestrated by 'bailout BEN' and his underboss Paulson. I suspect the 45 day cycle has one more thrust down left,probably after the 9th.I still have outstanding downside projections to a minimal new low.At any rate i will continue to scalp both sides of this thing with an emphasis on the short side thru this week.
order in to buy 1275.50,
covering one here 1276.75, holding remaining long
stopped at 1275.5, a wash....
downside proj. to 1266, unless 1279 is hit again. Ill sell 1278.50, and buy 1263-1266.
just sold 2 @ 1279.00,2 point stop
covering ...1278.25
Wave extensions according to Elliot arise when demand outweighs supply in too little timeframe. While a good indication for an economy's future, the instability within the markets is such that the transition will be a) unpredictable, and b) slow-going. I'll put up no aires and waste no time in saying I'm finding it hard even to scalp with assurance. The 5s chart has extensions in them. It's near impossible.

So in short I'm taking all the hot air and smoke-blowing with a few grains of salt more than usual in the coming weeks from this and other groups.
buying here
long 1272.50,covering at 1274.25
Lost some on that one, I figured on a late day rally. I should have reversed