ES #F 081406 Potential Reversal Zone

The Daily chart is at PRZ (potential reversal zone) -- 1.27 fib target, .50% fib target, at the DTL (down trendline) on 120min chart, and also we have a 1:1 fib projection. Let's see if 1280.00 is the high for the day or not. The daily chart is slightly bullish still. The 120min and 60min have sell patterns about to trigger. Current LIS is 1277.00. IF 1277.00 does not hold, THEN I will be looking for weakness and a sell pattern to sell short.

Update at 09:39 EST: Downside targets: 1275.50, gap fill at 1272.25, 1271.25, 1270.00 and possibly lower. However, 1277.00 needs to break and become LIS before we can see lower.

Update at 10:20 EST: Target 1 at 1275.50 hit. No buy signal yet off 60min chart. Looking for eventual lower lows.

Update at 10:44 EST: 1277.00 LIS now. Look for lower as possible.

Update at 11:06 EST: We have a 3 wave pattern down into 1275.50 low, and now we made another 3 wave pattern test of 1280.00 top. So much for lower lows for today; Upside targets are : 1280.75, 1282.75, 1284.25, 1285.25., 1287.25. to 1290.25.