Edited by NAV, 11 January 2007 - 01:09 PM.
Short ES
#1
Posted 11 January 2007 - 01:09 PM
#2
Posted 11 January 2007 - 01:28 PM
ES appears to have completed a nice bear flag. With the 60-min Full Stoch overbought and the CCI ready to break, combined with the intermarket divergences, makes this as good a setup as it gets. The only fly in the ointment for the short side is the strong intraday breadth. That's the reason i am playing with a close stop.
From a e-wave perspective, a nice wave B (Flat ) appears complete today or a bear flag in classic TA terms. Now the market needs to cooperate a bit
Edited by NAV, 11 January 2007 - 01:30 PM.
#3
Posted 11 January 2007 - 01:35 PM
#4
Posted 11 January 2007 - 01:36 PM
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#5
Posted 11 January 2007 - 01:47 PM
What about NASDAQ. Other than being overbought, it continues to lead the market higher. Doesn't it bother you? Or do you think NASDAQ is topping here? Thanks.
Denleo
Denleo,
I am only looking for a ST correction into ES 1400 area. Nasdaq IMO is giving us a preview of things to come, which is that the IT top has not been seen and after any correction here, the market should charge higher again. There's more pain for shorts to come in the Intermediate term.
The count fits well with the internals, though wave "c" of "B" doesn't look quite complete.
What would work well with the internals would be a simple flat which would allow the price pattern to test the 1444 area before finally retreating and finishing up the corrective process.
Fib
That is quite possible. That will be answered in today's post-lunch session.
#6
Posted 11 January 2007 - 01:54 PM
What about NASDAQ. Other than being overbought, it continues to lead the market higher. Doesn't it bother you? Or do you think NASDAQ is topping here? Thanks.
Denleo
GSPC/NDX/ST direction
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#7
Posted 11 January 2007 - 01:55 PM
#8
Posted 11 January 2007 - 01:59 PM