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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)
long from 55.25.....concern is that they already tested the 72 - 76 and failed and also seem to be failing in current high volume from today....and we know they will try to break one of the hour highs and lows...
SEEIT, Margie(1 min. chart) 10:37 low 10:43 peak ...maybe
best so far is 62...next is the 70 and then the new high..if it flips over I will be stopped at 55.25 on runners
long at the 10:37 low ..861.00,looking for 874 area
quote:
Originally posted by koolblue

SEEIT, Margie(1 min. chart) 10:37 low 10:43 peak ...maybe



Kool r u going to be doing one of your weekend webthings anytime soon, I thought i was getting what u were showing but i must say i'm just about lost on your projections. thanks
traingle is forming on 1 min chart
Soon, Benny, besides they are just one third of the tools to use! Man, im struck by how pathetic vol. is today!
currently dval @ 855.25, dpoc @859.25, dvah @ 873.25, 50% range on the day session 2859, vwap @ 861, yest lo @856
Cmon 874.50!
quote:
Originally posted by koolblue

Soon, Benny, besides they are just one third of the tools to use! Man, im struck by how pathetic vol. is today!




MARKET INTERNALS UPDATE AT 10:30AMET
- NYSE volume 340M shares, about 16% above its three-month average; decliners lead advancers by 19.6:1.
- NASDAQ volume 600M shares, about 26% above its three-month average; decliners lead advancers by 7.6:1.
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