ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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What's a tday boyz ?
There's always tomorrow.
We have a possible dragon formation failure phase coming up on the daily chart. The height of the first bottom is ~160 points. The failure point could be around 925ish (half of the height from the 2nd bottom of 850: 850+160/2). This also happens to be the SMA 9 bounce line.
The bottomline is this: if we bounce back from the SMA and the rally fails here, we will fall the same distance of 160 points and that would bring the market down to 925-160= 765 before any meaningful bounce....
Just something to watch for....
The bottomline is this: if we bounce back from the SMA and the rally fails here, we will fall the same distance of 160 points and that would bring the market down to 925-160= 765 before any meaningful bounce....
Just something to watch for....
Needs to get to 925 first
Another interesting way to view this ...
1. Attempt to form IHS on daily line chart failed
2. New low printed
3. Another IHS (or just lower low) on daily in the making once 840 area is breached again
Edit: Reason for this bearish view - I assume the central banks intervention on usd/jpy etc. would fail, as they always do.
1. Attempt to form IHS on daily line chart failed
2. New low printed
3. Another IHS (or just lower low) on daily in the making once 840 area is breached again
Edit: Reason for this bearish view - I assume the central banks intervention on usd/jpy etc. would fail, as they always do.
Although there's been another low, we got a hammer type p/a dissalowing a close near the extreme lows. I doubt anyone's got any idea what's in store apart from perhaps more selling as broader trend still bearish. G20 summit this weekend, are we getting buy rumours sell news here. Daily to me is not very obvious either way, possible failure on SPX near 950 area paired with a lower 2nd peak in histo & perhaps a MACD under centreline cross will send us lower, but that's highly speculative at this point ImPO
Quote from Lawrence Chan:
Another interesting way to view this ...
1. Attempt to form IHS on daily line chart failed
2. New low printed
3. Another IHS (or just lower low) on daily in the making once 840 area is breached again
Edit: Reason for this bearish view - I assume the central banks intervention on usd/jpy etc. would fail, as they always do.
If new high is going to be printed, they have to do it today, we need a shallow gap down, and run up like no tomorrow
11/4 and 115 highs were 1006 and 1008,avg 1007 ,yest loow was 816. 1007 - 816==191. half of 191 is 95. 816+95=911. close enough for 50% retrace,small pull back tnen attempt at 61% is 932, Usd/jpy sold off hard overnite so we need that to rally for spu's to go up,we tend to rally into option exp week.
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