5 point pattern trading

using my limited knowledge of elliott wave theory, we look to be in the middle of a simple zig zag correction on the 60 minute ES chart,which can complete at about 1524.50 (1.27 fib). this does not mean right now or even today but could be today or Monday,
which should then bring us back up
 

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Quote from phillyflipper:

using my limited knowledge of elliott wave theory, we look to be in the middle of a simple zig zag correction on the 60 minute ES chart,which can complete at about 1524.50 (1.27 fib). this does not mean right now or even today but could be today or Monday,
which should then bring us back up
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PEOPLE, DISCARD THIS 60MIN ES POST. i DOWNLOADED THE NEW E-SIGNAL 10.0 ON THE COMPUTER i USED FOR THIS POST AND THE CHART IS DIFFERENT ON MY OTHER COMPUTER WITH THE OLDER VERSION SOFTWARE
 
Took another look at my 60min ES chart this morning and I will stand on the Elliott Wave simple correction possibility off of this last push up which was a short signal at point D.

The target areas to the downside are 1524.50 area(1.27) and/or
1519 area (1.618). i expect a bounce/or reversal from this area back to the upside. this does not mean it will happen, but this is what you may expect according to theory. My knowledge of Elliott wave is very limited. If I am not correct in my theory please correct me.
 

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AIG has run into Mr. Gartley on the Daily chart If you have been itching to short AIG this is the place. To give this room your stop needs to be above point X (73.00). This is a Bearish Pattern.
 

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All Allstate may be in trouble here. Mr Gartley has revealed himself. this is a bearish pattern. Stop should be placed above X.

As stated in my previous posts I usually do not know any of the fundamentals.
 

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There is a pattern called 3 drives to a top. From point 1 to 2 note the 1.618 fib extension and again from point 2 to 3 is a 1.618 extension. if the Daily ES can not stay above 1573.25 then there can be significant downside from here. Now today we managed to get to 1570.00 and sold off hard and volume was not too shabby for a "holiday" today. Trading above 1573.25 negates this trade.

If you need a reason to short the ES this may be it. Again, probability is good, but remember it is probability not absolute.
 

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Quote from phillyflipper:

There is a pattern called 3 drives to a top. From point 1 to 2 note the 1.618 fib extension and again from point 2 to 3 is a 1.618 extension. if the Daily ES can not stay above 1573.25 then there can be significant downside from here. Now today we managed to get to 1570.00 and sold off hard and volume was not too shabby for a "holiday" today. Trading above 1573.25 negates this trade.

If you need a reason to short the ES this may be it. Again, probability is good, but remember it is probability not absolute.
More...

This trade is busted on the "GREAT" economic outlook from the Fed minutes. This is why we use stops
 
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