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ES 1-6-2008

Good Morning Traders !

VAH 930.50
POC 925.50
VAL 922.00

Weekly R1: 954.50
Weekly PP: 904.00

Daily R2: 944.00
Daily R1: 935.75
Daily PP: 926.00

Highest High in last 20 trading days: 934.25

I will be watching what happens at R1 with great interest this morning ! Also watch the IB high for indications of a trend day if price is accepted above R1.

ES Daily Notes 5 Jan 2009
Using Kool's Tools, if we work off the bounce from 31.75-34.75 from which this decline started, did we have a projection of 27.0?
...Initial 15 minute projection of 926.75 was hit - should be able to short this bounce...
pwd, I think what you are trying to do is take an upward movement and project down but an upward movement projects upward until it's low is taken out. You project downward with downward movement.
1 min projection 161.8% 931.00 ish??
TY Margie. I really struggle with what sort of set-up to use to make the projecton from.
Thanks. Short 27.0 target 23.25
FOMC minutes at top of hour
PWD that is NOT the correct way to find Kools projections, however, it is a valid way of finding swing extensions. Swing extensions are important numbers for the 5 pt harmonic patterns.
PWD does this help?

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Thanks PT. Very much appreciated the time and thought that you have put into the questions I asked.
I have still a lot to learn.
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