ES 11-10-08

Well, coming into the pit open flat. So far the action is as expected . Ihave a 15 min proj. down to 936.25 which would close the gap from last nights globex open ... watching

918 should hold ,then 923.50

1 min avg 917.88 and 5 min boll avg is 917.35

quote:

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Originally posted by VOwater

ABC off the bottom 1st target 922.50 2nd 925.50

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Elliott wave structure: 922,25 (h 11.54) not overlapped

Still down?

we are at a downtrend line on the 610 that stretches back to 4:35 this am

Isure hope so cause i just went long at 920.50

quote:

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Originally posted by VOwater

ABC off the bottom 1st target 922.50 2nd 925.50

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VO;

I have been reading The Master SwingTrader by Allen Farley
help me understand the ABC of things I guess I'am behind the
in that

stopped and watching...

crude has been coming back strong for the last hour

red - I know who Farley is but im not familar with that book. ABC or some people call it 123, looks like a lighting bolt. It basically signals a trend, a retracement and resumption of trend. If you pull up a 610 tick chart you will see the move off the bottom (which happens to be a 2B bottom) up to 919.25, then retraces 50% before starting back up. Use you fib extension tool to measure the move from A (bottom) to B (swing high) and then back to C (retracement) and it will give targets. I believe Gartley first wrote about this. Suri Duddella (Surinotes.com) uses this pattern alot. Very powerful.

1 min boll avg is 920.00 , i think thats next

proud of you Margie , youve really made good progress!