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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)
out at 869.00. plus 3 there, trying to be extememly conservative (for me anyway!).. down half a handle looking for 879-880 next
DAM, might have missed it while i was posting!
Margie ,yes , i count only the wick,only in very rare situations :ie.. a very long wick in relation to the body at a top or bottom. Remember this is just for a bounce!
See, Margie ,going back to that original 1 min. candle using the reg. method(top to bottom of that candle ) proj. was 878.86! current peak,878.00
would really like to see the 56 - 59 hold back the sellers....
i was hoping for a small 'overshoot' to that former low(now expected resistance at 880 and would have pulled the trigger at 879.50.
The bad news ,gang is that vol. is no where near 'panic ' levels meaning this is certainly not a launching point for an intermediate term rally of a couple hundred handles.
order to sell one at 874.50,4 point stop.
its forming H&S or MA pattern not clear yet but 874. will be good sell area...
Note the darn 878 peak i missed proj. 848...again!
Originally posted by prestwickdrive

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