Monday, June 22, 2009

"Lucky" close on an ES short

I think the ES wants a 9 point move up. it matches a 50% Fib, and hits a channel line, but I will admit, this channel line was drawn to allow the 9 point move and the Fib to all be congruent, so it is somewhat fabricated--but aren't they all. 905 on the ES for tomorrow. Great place to load up on puts. Lucky time to close out shorts below, but note how that new lower channel was perfect support three times. The more times itbounces the stronger will be the break or bounce, but it can easily bounce 6 times, so don't make assumptions that 3 is all it will bounce.

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Insightful and Useful Comment!