Here is a look at the ES monthly. Also shows price action of the 2004 era to have come into play and acts as resistance now. There is an ES Oct/09 Monthly bar right trendline touch of the Down channel that is in place.
Here here is a question on the Monthly ES. Understood that these were historic moves in the market, as for the ES monthly chart, at the end of the first dominant run down price entered a lateral. Again, understood the magnitude of this large range price operated in that formed the lateral, but it has had 3 closes outside of the lateral in a dominant up direction. Do we need to finish a non dominant move, then a final dominant move in this huge retrace that started in March 2009 to complete the sequences- for a completed retrace of the entire down channel (on a monthly bar outlook )? Any thoughts to this one ? edit: added to chart annotation
ES Daily Chart Oct_22_09 This is how I have been building the daily ES chart. See how this all plays out
Edit: ES Daily chart previously posted had a daily bar doubled on Wednesday 21 of October. Apologize for the error on bar of 10/21.
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