ES Journal Archive (2006 - 2008)

your correct. however the 60 min chart is making an attempt to push higher. no doupt it will be met with great resistance.

 

your chart would likely suggest that ES is headed for a likely test of that break out point. this could either prove or disprove the volitity of the breakout or lack thereof.

 

What does that exactly mean, limited to the three choices below?

1) Yes, there will be a breakout.
2) No, there will not be a breakout.
3) Both

In light of Occam's Razor, it sounds like the best-fit answer (or the lack thereof) to your statement is 3.

 

inside high.

 

in other words the breakout appears to be false. the mkt should continue downward. we will know this if when the breakout point is tested we remain above that point on the close of the bar.

you can see the flag forming on the 60 min chart.

 

You do have a point. But, as I've already said, chart analysis tends to get thrown out with the bathwater in times like this.

 

I have 1205.25 as LOD yesterday.

Moreover, we have tapped the 1205-7 area several times since then. That's close enough in my book, but we'll see....

 

We have not tapped 1205 yet.

 

I'm afraid if we do in fact tap 1205, we will likely end up at 1200.