ES Then and Now

This first chart shows what the ES looked like at the close after the March 17, 2008 low. I drew in a trident channel back then which targeted a high on May 16th (which happens to be May Options Expiration Day) at 1421. That was the target I was shooting for off the bottom (and got). ES 1421 (adjusted for continuous futures contract) has been an extraordinarily important number since May of 2006. There has been a major breakout and a major breakdown and three major lows followed by giant rallies and now a significant test from underneath. If there is one line that clearly defines bull versus bear market--1421 is it.

Edited by swinger, 07 May 2008 - 06:02 PM.

This second chart shows the ES at today's close and you can see how nicely price has tracked that trident channel right up to the 1421 target.

Edited by swinger, 07 May 2008 - 06:04 PM.

Swinger, Thanks for the meticulous, careful work. I follow your posts religiously, along with a few others here, Linrom, Arbman, Semibizz, Teaparty, Nav, A-ha, Rodgerdodger, Insider, Spectacular_Bid, Nicosallilo... Hey wait, there's a lot of great posters here! Best board I've ever been on. Keep up the great work - all of you- it's much appreciated. Deva

Sorry, multiple posts!

Edited by dowdeva, 07 May 2008 - 07:00 PM.

Edited by dowdeva, 07 May 2008 - 07:00 PM.

lol

Edited by dowdeva, 07 May 2008 - 07:01 PM.