Wednesday, May 23, 2007
TREND Chart: Leg 1 of Back Door Bull Break
The ES created Leg 1 of Back Door Bull Break at the close of last night's session. The last PRIME Support was at 1525.25 (Higher Low). PRICE then made a lower PRIME Resistance High at 1533.25 (against Last PRIME Resistance at 1534.00). By coming back down and breaking through 1525.25, printing 1525.00 at the close, this has effectively created Leg 1 of Back Door Bull Break on the TREND Chart. As it is, we are not done with Leg 1 of Back Door Bull Break - no signs of failure in the down move as yet.