ES Journal Archive (2006 - 2008)

... possible bump and run reversal...
...edit... maybe will be a descending scallop instead..... downside

 

Okay, go ahead and say it...I was just a trifle early getting short , and was treated to a lovely guided tour of the 1480s. However, still short here, and still looking for a retest of the AH lows and perhaps beyond. Looks to me as if this morning's action has been a big pennant continuation pattern, and that we may now be breaking out of that pennant to the downside for a move to lower levels. I'm not yet completely confident in this analysis, but that's what it's looking like to me here. A paint of 1471 would increase my confidence considerably.

 

Where was the stop on that short, must have puckered those toes through 8 points of heat

 

Yes, it was a character-building experience.

Hopefully we're about to fall off the cliff and my patience will be rewarded. Nearly at the AH LOD, and the question is what it'll do when it gets there.

 

how far into the 70's do we go b4 its a good time to enter a short?

 

I don't know what's going to happen, and you don't know what's going to happen.

But I have seen trade days similar to this and right now, we could see a struggling move higher into 1:30 (ES 1476-1478), some weakness and then another attempt to lift (which fails about 2:00)

If Nostradamus gives me another call, I will update.

 

Closing out 1/3 of my position here. Still 2/3 short.

 

or...
prices could just fall off a cliff

 

PPT on vacation this week?

 

Critical juncture here. If we break below 1457, next target is 1432.