ES discussion for Tuesday 7/28/09
Welcome to the Jim Show.
JI
jimkane
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Yes, Tomo, that's the exact line at 66 this is reacting to right now. I'm not so sure how bullish I am right now, but if it is to start back up, this is a great spot for it.
JI
jimkane
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And by 'how bullish I am right now' I mean higher timeframe continued bullishness without a bigger correction.
JI
jimkane
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Went into 5 waves right to the .447, and started to roll. But this is what they like to do before they gun it up, so be cautious entering a new short in here. We may have more downside, but betting against that big TD lower // Tomo mentioned is tough on a little bounce here.
JI
jimkane
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Watch 71 area and the ABCD there, at a key line, for clues if it's really a CD leg, or a W3. I suspect it's up for the rest of the day from here, but we'll see.
JI
jimkane
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Notice how the price action, so far, is just totally wrong if this ABCD is to play out? Maybe it will turn at the last second, but so far, it's acting completely wrong.