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ES short term trading 6-30-10


In my opinion the market tipped its hand yesterday signalling lower ,possibly much lower, prices coming in the next few weeks/months.Try as i might i cant find any longer term projection, or for that matter, fib relationship of any kind that says 1030 could be the bottom of the decline which started in April!. Therefore, from a kools tools perpective, There are lower prices coming soon! so like everyone else, i expect an oversold market to muster a dead cat bounce of some sort ,but likely from slightly lower prices first. The closest numbers i can find are the original high of 1129.50 to its initial move low was 1103.25. this has a 4.236 termination ratio of around 1018.50 and if A was from 1211.25 to 1032.75 ans B was complete at 1129.50 then C=.618A AT 1019.25. Look folks, i know im really reaching here but,1030 is NOT 'THE BOTTOM'And i dont think 1018-19 is either (we'll see the 900 's at some point.) but this zone might be good for a dead cat bounce. right now i have short term projections around 1023.50-1024.75 which could do the same. Its also possible of course that the bounce has already started , we'll just have to see what develops today . Anything is possible today, but by all rights seasonally thurs and friday should have some upside pressure. The main point of this discourse is that much lower prices are ahead in the next month or so (950-960?) in my opinion. As always time will tell!... good luck gang!
sorry 37.75 needs to be ultimate target...one minute hole...air pocket
lighter so far as they may need to run out ON
crappy high..new highs coming
added at 42.50 print when crappy high was popped
O/N highs 1044.5 and yesterday's resistance zone 1046.5 - 1047.5 are the next logical targets for this current up move.

If we can't take out O/N highs, then that is bearish
WHOOP ,THERE IT IS! ...out at 1039.00..on 2 es.. up 6 handles and lovin it!....
Click image for original size
872
Piker, if u r here...I added 6 on last because it was 5 highr highs, into key number and high ticks....and air below...took 8 off at 38.75 as that was trade into 5 minute air...working 4 now...


only mentioning contract amounts because u asked about it the other day...otherwise real point of this is the higher highs, ticks and key number


I think 36 and lower is comming...hopefully
shorting more at 40.25...37.50 needs work..!
Originally posted by BruceM

sorry 37.75 needs to be ultimate target...one minute hole...air pocket


right to the tick, nice one!
did you get out?
"went short at 38 even. I had a bearish bias this afternoon and after the fake breakout to the upside it confimed me going short"