ES SP500 downside

Discussion in 'Index Futures' started by Wallace, Nov 28, 2010.

  1. previously I'd thought that the ES might have dropped and run up for a small reversal
    http://www.elitetrader.com/vb/showthread.php?s=&threadid=206242
    formation before beginning its downside. that didn't happen and I don't believe it will
    so the downside's begun and I think so far the ES May have completed waves 1 and
    2 of the first major wave down

    several years ago many people looking at the Monthly chart were asking if the top
    of 2007 was a double top, an inverted H&S
    but after the price dropped to its 09 low, has the formation become an ABC ?

    the rally up until April 26 may be W 1 of the new bull market, reversal formation,
    then this beginning downside may also be C of an ABC that may drop to 1000 early
    in q2 , and then begin a quite large W 3 to new highs

    1173 should be broken before the new week's end, closing below it and W 3's on

    gold's topped and gone thru its own H&S, the $'s begun it's new bull market - not
    surprisingly given what's going on in euroland, so the next quarter - the slowest time
    of the year is a good time for the correction to complete down to . . .

    if the ES drops and stops around 1010 the ABC will be a respectable horizontal
    formation, and to paraphrase Chauncey Gardner, the new season of growth begins