ES Journal Archive (2011)
- Thread starter Buy1Sell2
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sure you did....
Turns out it ended up as an IHS.
Neckline at the 50% level at 68,75.
Neckline at the 50% level at 68,75.
Quote from Laissez Faire:
With price action confirming weakness (for now) and a gap close below, that would be what I`m leaning against until proven otherwise.
When you wrote this (12:31 ET) I would disagree that "price action" is confirming weakness. Down trending, yes, but the sentiment has not been bearish since the lows were made and the buyers stepped in. Price has not confirmed a long by breaking a prior resistance, and perhaps it won't and will plunge further. But it has had a bullish sentiment from my read for over an hour.
EDIT: as I finish typing this, breaks a new high
Quote from JoshDance:
Actually I'm willing to bet that bsnack would have taken that trade all day long (long 63.25) but that he wasn't at the computer
You know me well by now. Inverted H&S with a perfect 50% long for confluence. Seems pretty straightforward to me!
u sure about these slanted head&shoulders patterns?
looks almost like a bearish wolfe wave ... except that the 5th point's truncated so i guess it doesn't count ...
still calling for a fill of this morning's gap due to battle fatigue -- mine and the markets.
my guess, the ones who have been short are happy to book their profits and go home. the ones who are just now getting short are nervous and twitchy fingered.
i say UP from here.
[edit: transports continue to be the laggards to the upside, leaders to the downside. this would, generally, argument against long positions. but i'm choosing to overlook due to the fact that transports are leading s&p/djx on the daily chart. at least, that's the bedtime story i'm telling myself today.]
needless to say, i have zero confidence in this prediction
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