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Globex 11-17-08

Just sold 861.25 after the open and covered at 2.25 on the session, had a proj to that 856.50 but no courage to ride it ouy cause were so oversold here. I expect an important low to be formed this afteroon on Mon. or early Tues. It better,because there is an hourly projection now down to 716 but it will be negated at 904.25. Just got a 1 min proj to 861.50 and put in a sell order there for a quick scalp, since i believe we will see 847.50 at a minimum Mon. I notice the 1 min boll avg is around there also
cancelling order and watching for a bit...
Max upside appears to be the 15 min proj to 873.50, but it will be negated of course on any further touch of 856.50
The monthly and daily proj down to 812-13 must be respected for this Mon.-Tues time frame , at least for now
Hi Kool. G'day (10:30am here). Lat 10min closing TICKS last friday were -1000. I expect a bit of short coverings today.
Dont know, Leo. I know you asked about that once. The reverse(over -800 indicating a decline) doesnt seem to have a high degree of correlation for some reason. Might simply denote continuation, i just dont know! All i know is every, and i mean every, time it closes above 800, a good decline follows within 2 days!
The only time all year long (over25 examples) that it even came close to not working was the Aug high at 1313.50. it was actually the open of the 3rd day before the peak was hit and a big decline started. (The rule is a decline starts within 2 trading sessions)
Thanks Kool
well, it appears we have a 5 min proj down to 853.50 now but the 15 min one stays in force untill 856.50 is touched. Just tried to sell the 1 min boll avg at 860.50 and it hit it but no fill...have to leave soon so i wanted to take a shot!
My best gut feeling is that we progress up to that 15 min projection and then resume the decline before the open tomorrow...But thats just a guess.
GOTTA GO, BUT ILL BE BACK AT 6:30AM. good trading all!
stopped at 859.25 ..loss of 2.5... down 3 for a lousy globex session ... c ya on the ES thread!