MortiES Weekend Update 30Jan2011 ~ Get Ready for Some Fun!
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The sharp drop on Friday wasn't unexpected. We talked in previous posts how that rally was looking like an ending diagonal. Patterns such as ending diagonals typically end with a sharp correction that corrects to the beginning of the pattern. We didn't quite get all the way back to the beginning, but I am expecting to see ES at least touch that level.
The first chart is a Weekly perspective. My point with this chart is made on the chart itself. The Weekly chart does not support a change in trend yet. We need to see a lower low.
Then we'll look at the Daily chart. Here we talk about the possible counts. I don't expect anyone to take a trading strategy away from this chart. This is a chart of possibilities.
The 60 minute chart shows many possible paths for ES. I have my favorite in the opaque red and green arrows. The last chart will support that path, IMO.
To really zoom in for the near short-term action, we go to the 1 minute chart. I rarely place a trade without consulting this time-frame! This time-frame and count/targets dovetail with my projection in the 60 minute chart above.
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