Saturday, January 12, 2008

ES TREND Chart: 2 Leg Bear Break Invalidated - PRICE Failing But Some Possible Respite Next Week?

My ES TREND Chart above...
My earlier post yesterday had suggested more upside in PRICE for yesterday's trading session. But as the day wore on, PRICE movements during the Globex session, coupled with the start of the actual trading session, made me shift my view. That's the reason for the single post last night, warning of a possible failure in PRICE, in trying to breach the previous day's session high. As you can see from the above chart, the highest point PRICE managed to reach was only 1423.50 (PRIME PPF - suggesting an end to the upmove from the previous day's close) and with that, it started heading down to challenge PRIME Support, and breached it, giving us a PRIME Lower Low. But with the possibility of the SWING Chart turning up, we could see PRICE moving back up next week. Watch for PRIME Resistance at 1423.50 to be challenged, and possibly breached. (However, a good "warning" shot that we could be heading back up, would be for PRICE to challenge 1412.50 and breaching it ).
Have a good & safe weekend everyone!

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