Friday, May 18, 2007

New PRIME Resistance at 1521.50

The ES created a new PRIME Resistance at 1521.50 last night. One interesting thing to note was that the Oscillation Challenges, or pull backs (TREND Chart) last night were all pretty "deep". Until & unless a we see a decent pull way in PRICE from the nearest PRIME Support of 1496.00, I maintain that the risk of a Leg 1 of Bull Break will be there. Do bear this in mind.
Going into the close, PRICE is now in PRIME Support (TREND Chart) & we are getting a potential PRIME PPF of Support, coupled with a 3 X Divergent Bottom on the Trading Chart - However, the set up to go LONG is still not there yet. And with the TREND Chart still pointing down, the potential PRIME PPF of Support to go LONG may not materialise. Patience is key, as we wait for the PRICE movements to sort itself out.

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