ES basically followed the plan in the post below. Went up to 1026 and failed, down to
1020, then pivoted up off 1018 (not 1016 as posted below but close).
It's now at 1027, above the 1025.
New pivots: Almost the same as below, but note that in the 15min chart the breakout higher point is 1024. It appears to be trying to pivot UP again off the 1026, so 1024 hold would indicate consolidation while over 1026 indicates test back up to 1033
Bullish: If ES stays above 1026 and sustains, then possible 1033 retest. 1044 would be next.
Bearish: If ES stays breaks under 1024, then test 1021, 1018, 1016, 1008.
Right now, the bullish scenario is in play. The fact that ES pivoted off 1018 not 1016 is bullish indeed, at least for now.
Also 1028 up needs to be broken to get to 1033....1028 could be significant pivot if it turns down there
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
Tuesday, August 25, 2009
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