Monday, November 2, 2009

E-mini Possible channel

Possible channel down. Lower blue trendline is the P2 lower support line. Solid red horizontal line is the 385 retracement of the C move up from the 866 low. the dashed yellow line is the support line from the lows occurring during the C leg up.


  1. Hi,
    Could this pullback be a pennant? If so then the upside target could be 1102 ish?

  2. IMO I'm not sure we ever got a 5th wave. I think the top is in but 1080 is possible. A truncated 5th wave here possibly or is this the beginning of P3? I mentioned in the past this area would cause some confusion. A new high is not out of the question as the manipulators can sling this bad boy any way they want. I hate tops. I am looking to get long real soon. Surprised I did not buy today. The downside potential is very obvious. If you do get long make sure you have trailing stops.

  3. Thanks! I got out today of all shorts and am looking at 1070-1080 to get back short.
    I appreciate your time.


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