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ES 12-10-08

GM Traders running behind

Daily pp: 896.75
POC: 903
Ill try to address the confusion over price projection later when we have more time!
crude is really strong today
will be looking to sell 9-10 area
s @ 4
risky trade
just remember the basic concept guys, unlike the cycles. your looking for the initial thrust up off of a swing low before any pullback. AND conversely , any initial move down off of a swing high before any retracment back up. It is this initial move that gives you the number of points to 'extend' with 2.618 to see where the move runs out.
kool, do you take this thrust or impulse is that taken off of the 5 minute chart?
shorted 907.50 but not liking it
R1 = 9, 261.8 from small abc = 9.50, 127.2 from big abc = 9

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