Friday, February 23, 2007
ES Closes Near Unchanged But Damage Has Been Done
Leg 1 of Bull Break was created yesterday on the TREND Chart. The pullback in PRICE at 12.30am (S'pore Time) gave us a Minor PPF of Support at 02:49am at 1453.50 & a Confirmed Bottom (PRIME PPF of Support) at 03:46am (S'pore Time) at 1454.75. Leg 2 of Bull Break is currently in progress & PRICE has yet to fail. Again, key PRIME Resistance level to watch out for would be 1464.75. A PRIME PPF of this Resistance would end Leg 2 (lower PRIME High) and bring us back down to challenge last PRIME Support at 1452.75. PRICE must print a lower low than 1452.75 to give us the 3 Leg Bull Break, and to reverse again, the current Bull TREND.