Wednesday, April 18, 2007

PRICE Challenge Last PRIME Support To Create A Higher Low

Last night's continued bullishness was somewhat deflated at the end of the trading day. Trading started brightly with the ES erasing earlier losses sustained in the Globex session but at the end, the ES closed mainly unchanged. Going into the close, we see that PRICE has started to turn down. PRICE is heading down to challenge last PRIME support at 1442.25 (again, for the un-informed, PRICE need not head ALL the way down - it just has to fail going down at some point, unless, it intends to head down to BREACH that support level).
So, the strategy for tonight's session would be to SHORT pullbacks, but always with a lookout for PRIME PPF of Support, to signal the end of the down move.

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