ES Journal Archive (2009 - 2010)

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The S&P500 cash index (which the ES is based on) is still in an uptrend, so until that changes, the higher probability trades are going to be initiative buying to take valuations higher and support buying to stabilize prices and maintain value when they drop.

Anyway, have a nice consolidation Thursday.

:)
 
MS CEO just said "for sure there will be a selloff in the near future."

Now that is some funny true shit coming from someplace that normally tries to paint things as all rainbows and butterflies.

I just gained a little faith in the financial community!! LMAO

Could this be a little catalyst for some selling today?

We'll see.
 
Quote from Pekelo 3 days ago:

Since we have the DT with RSI divergence on the daily, we would drop back down to the SMA, around 1052-54 cash. This would relieve the overbought conditions.
That is also a Failure area for this DT, so from there we would run up to 1052 +60 (Height) 1111 (just to make it interesting), and that would be the high for the year.
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We only dropped half towards the expected Failure area, before rallying higher. My observation is with the dragon that we have to treat it as it had dropped there, so I am still going with my 1111 prediction in the next 3-4 days....

Today is just consolidation after the rally yesterday.. Closing around 1091 cash....
 
Quote from Pekelo:

We only dropped half towards the expected Failure area, before rallying higher. My observation is with the dragon that we have to treat it as it had dropped there, so I am still going with my 1111 prediction in the next 3-4 days....

Today is just consolidation after the rally yesterday.. Closing around 1091 cash....
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Or, finish what you think should have been done in the first place. =)

Huge gap below dragging NQ down.
 
Quote from Lawrence Chan:

Or, finish what you think should have been done in the first place. =)

Huge gap below dragging NQ down.
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I am not sure about that because we no longer have a DT, so a drop off current levels may not be a textbook dragon pattern.

I've only been reading about Pekelo's pattern for a few days, so take my words with a grain of salt. I may be utterly wrong.
 
Here it is. Height is exactly 60 points, the Failure should have been at the SMA 1052-54 (had we gona down, it would have been lower than on this chart). So add 60 points to that. I say 1111 because that is a funny number, and close to 1052+60... If we make it up to 1115, still good in my book...

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