ES Journal Archive (2006 - 2008)

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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. :)
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I see an ihs with the neck at 910-912 with us making the right shoulder now around tuesday's low.
 
Quote from volente_00:

I see an ihs with the neck at 910-912 with us making the right shoulder now around tuesday's low.
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See that now (IHS on 30-min), the left shoulder low is slightly higher than the pivot today at 879 ...

But normal big rally day usually followed by retracement to pivot or even 50% (65).
 
Quote from Lawrence Chan:

See that now (IHS on 30-min), the left shoulder low is slightly higher than the pivot today at 879 ...

But normal big rally day usually followed by retracement to pivot or even 50% (65).
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860-65 is a congested area on mp, a lot of nips,thur,wed and 10/28-----9/29 nip 936-7,10/31-938-9, monday 919-922 ,congested upside area
 
Quote from ammo:

860-65 is a congested area on mp, a lot of nips,thur,wed and 10/28
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Bringing price back there is a major defeat of the bulls.

To finish the week off with a close higher than yesterday will print the weekly with a nice positive hammer ...

So if we travel all the way down there, we will need a 30+ pt rally at the end of the day to get the weekly print.

Just thinking about that is scary. :confused:
 
Quote from Lawrence Chan:

Needs to get to 925 first :)
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Well, if I do the math from yesterday's low (818) instead of Wendesday's close (850) then we already reached the failure zone and we don't need to go higher. I wouldn't be surprized today to get a -40 down day....
 
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