1548-1549 seems to be prior resistance now support. I'm long from 1549.00 with a close stop below 1548, looking for a possible breakout to test 1552. 1552 will be the acid test of whether we go substantially higher or whether we pull back a bunch. Per the chart I posted some days ago, if we break convincingly through 1552 I can see a measured move to 1585.
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ES Journal Archive (2006 - 2008)
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Quote from mbusch:
1548-1549 seems to be prior resistance now support. I'm long from 1549.00 with a close stop below 1548, looking for a possible breakout to test 1552. 1552 will be the acid test of whether we go substantially higher or whether we pull back a bunch. Per the chart I posted some days ago, if we break convincingly through 1552 I can see a measured move to 1585.
I agree with your reasoning, but the stop at 1548 seems a little close. 1548 would actually be a good place for an ENTRY, as that was the low of the wide-range bar that saw new highs today.
If there is a breakout, and that breakout holds, then the upper 70's-low 80's would seem imminent; and I would therefore look to buy on a pullback.
Quote from smilingsynic:
I agree with your reasoning, but the stop at 1548 seems a little close. 1548 would actually be a good place for an ENTRY, as that was the low of the wide-range bar that saw new highs today.
If there is a breakout, and that breakout holds, then the upper 70's-low 80's would seem imminent; and I would therefore look to buy on a pullback.
Looks like you got the 52--now let's see if it holds.
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wouldn't it be perfectly natural for price to retrace to test breakout point of 49.75 +/- 1 pt especially during the lunchtime (I know, sometimes lunchtimes following strong mornings can see another lift in prices 12:25-12:55), but some sort of consolidation (short-term intraday) would be a common pattern.
That would be a small pullback indeed. a 38.2% pullback would be to 1547.75, and the usual near-50% pullback would be a retest of the 1544-45 area.Quote from vertigo3:
wouldn't it be perfectly natural for price to retrace to test breakout point of 49.75 +/- 1 pt especially during the lunchtime (I know, sometimes lunchtimes following strong mornings can see another lift in prices 12:25-12:55), but some sort of consolidation (short-term intraday) would be a common pattern.
Although 1452 was the previous swing high, it turned out to be very weak resistance and we surpassed it like a hot knife though butter. Consequently, I wouldn't expect it to provide much support on the way down.
Here's an updated look at my "big picture" chart, showing us in the fifth wave up of a fifth wave up with a possible measured-move target of 1585.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1625388 width=600>
Click on link below for full-size chart.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1625388 width=600>
Click on link below for full-size chart.
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