Friday, March 02, 2007

A Possible Interim Reversal in TREND?

The ES suffered another bout of sell-offs prior to the opening bell, but managed to find a bottom at 1380.75 with a PRIME PPF at 1381.75. That was the signal for a LONG and up they did go ! I had happily taken out my LONG with a very decent profit of 6.25pts, only to see PRICE run for another 10pts within 2 minutes of taking profit ! Such was the ferocity of the up move...Throughout the session, PRICE kept making higher oscillation highs & higher oscillation lows, on the TREND Chart.
Going into the close, we made a Minor & PRIME PPF of Resistance. In other words, we could very well be done with this upmove. Keep a look out for 1411.50 because if we clear this resistance, we will continue to go up to challenge 1418.75
1) If we then fail at this level (1418.75), then the Bear Trend will still be intact.
2) But if we break this PRIME Resistance, then Leg 1 of BEAR BREAK would be created.

Nothing done as I had a very early, early night...zzzzzzzzzzz

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