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GLOBEX 12-04-08

Some thing to ponder, besides the 872.50 21 day moving avg on the daily chart.... 1008.50 top- 739 low was 269.5 points and a 50% retracement is ...(drumroll),... 873.75 Small wonder the 872.50-877 zone is giving at least some short term resistance. Also note that the entire crash from the May top at 1441.00 to the crash low at 739.00 is 702 points. 0.236 retracement comes in at 904.50. REMEMBER THE DAILY PROJECTION OF 904.50?(STILL VALID UNLESS 739 IS TOUCHED AGAIN).
In short , on a longer term basis the market HAS to toch 904.50 or its going to break 739, and i just dont think thats in the cards yet. I f it was, then whats left for the upcoming serious cycle bottom due in mid Jan?
ALSO interesting how the 0.618 retracement of 1008.5-739 comes in at 905.50.... further pointing out the importance of this resistance zone...IF SURPASSED NEXT STOP WOULD BE 922-24 AREA, THEN 974.... Enough about the'longer; term, all i really care about is the next 5 min.!..LOL
CURRENT SHORT TERM PROJECTION UP IS AROUND 876, unless 865 is taken out first.
PROJECTIONS DOWN ARE 862.00 and if taken out you would look for 852.50. THAT SETS UP THE GLOBEX SESSION(All unless 873.75 is taken out)
By the way, congrats to my good friend VOwater O/N HIS 1000TH post today!!! Big mouth, just like me!!! ROFL!!
Congrats VOwater
well, i have to get ready for work..
order cancelled , remember if 865 is taken out the odds increase for seeing 852 before 876! C ya in the morning!
i just went short 866.50 with 2.5 stop- wish me luck
Youll likely be fine, friend , just remember.. dont get greedy! i would likely cover after 2-3 handles of guareteed profit instead of trying for the 852 home run! Besides even if that occurs it could be hours away!(globex action) currently 5 min avg(54 exp) is sitting at 853.25 fwiw... good luck! GOTTA RUN!.... ps: if this works out you owe me a beer! lol
with the last major pre market cycle high of 74.25 to the cycle low of 50.5 don't we get a projection of 89.0 unless 50.5 is taken out?