Wednesday, March 28, 2007

Globex PRICE After The Close Has Created Leg 1 of Back Door Bull Break On TREND Chart

Going into the close of last night's session, PRICE was still consolidating & it seemed a bottom was in place...until PRICE "plunged" closed to 10 pts when trading resumed on Globex. ES PRICE hit a low of 1430.50 before recovering to its current level of 1437.00. That plunge effectively created Leg 1 of Back Door Bull Break on the TREND Chart.

But on a Swing Basis, we are still in Bull territory. PRICE needs to head back down to PRIME, to challenge last PRIME Support, and to fail, before heading higher back up to challenge last PRIME Resistance at 1451.00

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