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ES 10-24-08


Well, im quite certain no one believed me yesterday when i said a decline to 852 would not surprise me. Maybe you would be interested in this. I think it time to reveal the longer term price proj. for what its worth. The daily chart price proj. comes in at around 812.50. The weekly also gives 812 and a possible 777.50. The bottom of the cycle starting from 1576 bottoms initially in Jan. 09. The shorter term charts (60 min. etc.) also confirm 812 area and potentially down to 755.25. The worst case scenerio i can find on any of the charts is around 742-748. Whatever happens in the next few days,weeks and months we would be wise to remember these areas,even if not achieved soon, not for 'the bottom' but as potential turning points for decent bounces. Since they come from 'longer term' charts , they should be treated as areas for a trend change not necessarily 'exact' numbers. By the way , ive commented on the closing ticks many times. Nuff said.Also i expected a peak, from the daily charts on thursday. As we seemed to be declining into this time frame, that would simply imply very neg. cycle action. ill bet yesterdays high, or the day befores will certainly look like at least some kind of peak in the fullness of time. I could be completely wrong on everything ,of course, but just wanted to share some thoughts with my friends here on the forum. By the by, on last nights globex chart, the decline from the globex high(917.25) to the first significant pause at 2:40(863), gives a proj. to 775...very close to the 777 number from longer term charts. incidently , limit down during the day sessin would come in around 795 or so i think (not that i expect it to be seen, but since the 'triangle' on the daily charts has broken to the downside, i suppose anything is possible)
proj is 872 unless 882 is hit again. lowering stop to 882.50
corr. hit 882 while i was posting ...now proj to 873.50,, right at the 1 min avg
ill cover 875.50
out at 875.50...plus 6.25..
AND BINGO O/N THE PROJ! illSHUT UP THE REST OF THE DAY , BUT WANTED TO EXPLAIN CAUSE I KNOW SOME OF YOU THINK IM'CRAZY' BUT THERE ARE VERY GOOD REASONS FOR THE TRADES I TAKE(NOT ALWAYS WINNERS OF COURSE)..
Done for the day at plus 31 handles...Cya! Good trading all!
quote:
Originally posted by koolblue

Done for the day at plus 31 handles...Cya! Good trading all!



have a good weekend be good
singles 37.0-40.25 and 40.25-54.5
the lowest projection I have to the downside is 860.25 we'll see
H&S pattern on ES on 5 min and 1 min

one more pop to 870 and then we go back to break 840
quote:
Originally posted by prestwickdrive

quote:
Originally posted by prestwickdrive

+50% IB = 897. Sq 9s @ 886 & 901



897 top so far



great call PWD. I also like to confirm areas either by pattern,
other #s i.e. so9, volume, and projections. The more I confirm
the better.
Thanks for your input