ES short term trading 4-30-10

Ok, we know that we just had a 40 point decline. Since new highs on the nyse,and other indicators, confirmed the 1216 peak, we know odds favor new highs coming. I guess you really have to decide if you think 1179.75 was enough.It certainly is possible. Its also possible that this is the second leg of a 3 wave decline down.One thing seems likely to me. An intermediate decline of some significance could be coming after new highs. Thats the scenerio i favor because of the cycles as i interpet them. Good luck trading today!

Bruce no offense taking. i can see where that is very general. i guess it was mainly b/c i was bearish at that 1205 level, and once it confirmed the move down that was the 1st major pullback.

I'm probably the worst at being clear so apologies. i guess on that comment it was a continuation of my previous comments which you not only would have had to follow but remember.

Originally posted by BruceM

could you elaborate for us Leo...I see this post was voted down so I'm assuming it is because it is a bit unclear....

"This is it" - does this mean the high is in, the low is in etc....I'm pushing for specifics on this thread and I understand those of you who don't want to explain and just make market calls...if that's the case then I suggest those folks post on AK1's No indicator Mumbo Gumbo thread...

Originally posted by leob

the volume is evenly distributed all the way down. Although it didn't close below the multi day low, to me it now looks like - this is IT.

Bruce, sorry if my comments aren't clear. Firstly, my comments are mostly on daily timeframe. Looking at the daily big picture, I'm expecting a pullback of the up move since February low. For the past week, we saw what appear to be a consolidation of this up move. And the last down bar made me conclude that this maybe the last of the consolidation phase and it will be downhill from here - so the phrase "this is IT".
Next time I will post my comments on a separate topic. This way it won't mess up and confuse your topic viewers.

Thanks Leo....since you seem to be a bit longer term perhaps a thread with that kind of title wouldbe appropriate. It doesn't matter to me if you post on these threads but I'm afraid those with a longer term view like yourself won't happen to see your posts in the short term threads.

Originally posted by leob

Originally posted by BruceM

could you elaborate for us Leo...I see this post was voted down so I'm assuming it is because it is a bit unclear....

"This is it" - does this mean the high is in, the low is in etc....I'm pushing for specifics on this thread and I understand those of you who don't want to explain and just make market calls...if that's the case then I suggest those folks post on AK1's No indicator Mumbo Gumbo thread...

Originally posted by leob

the volume is evenly distributed all the way down. Although it didn't close below the multi day low, to me it now looks like - this is IT.

Bruce, sorry if my comments aren't clear. Firstly, my comments are mostly on daily timeframe. Looking at the daily big picture, I'm expecting a pullback of the up move since February low. For the past week, we saw what appear to be a consolidation of this up move. And the last down bar made me conclude that this maybe the last of the consolidation phase and it will be downhill from here - so the phrase "this is IT".
Next time I will post my comments on a separate topic. This way it won't mess up and confuse your topic viewers.