ES #F 102006

Globex high is currently at 1376.75 and globex low at 1372.50. The GH was at a .707 fib level.
Buy signal now off both the 8min and 6000V charts off the 1372.50 GL. We had 5 waves down into GL support. Expect to see retracement of the move down. Higher timeframe charts remain bearish for the time being. IF we continue lower, THEN I will be targeting the following: 1371.25, 1370.50, 1369.75, 1368.77, 1367.75 test, 1365.50ish, test of 1364.00 low, 1362.00 ish.

Update at 09:27 EST: .618 fib tgt hit; now at .707 fib level. Still room to go up, based on 30min and 60min charts. We now have a 3 wave pattern into fib level for a bearish gartley butterfly pattern. First tgt is the .618, then .786, then 1.27, 1.618 fib

Update at 09:37 EST: .618 and .786 fib tgts hit. We hit 1372.25, which is a .618 fib level. We now have a bigger abc 3 wave pattern making a bullish gartley butterfly. In any event, we had 5 small waves down, so expected some kind of retracement of the recent move down from 1375.50. Charts still show slight downside bias for the time being.

Update at 09:56 EST: Eventual tgt is 1367.75 ish, 1366.75, and then test of 1364.00 and then lower.

Update at 11:05 EST: 1373.25 is a .618 fib tgt; This makes for a bearish gartley butterfly pattern. Mixed signals still. 15min and 30min charts both say more upside is possible. We should get breakout out of this ever tightening range. The current move up off the 1369.75 low looks to be corrective in nature ..... so I would NOT be surprised if we continued downwards.

Update at 11:25 EST: Current resistance is at 1373.25. We could get 1 more higher high here, as i only count 3 waves up so far, so we could be in the process of completing wave 4. Candles indicate upside momentum now.

Update at 11:37 EST: Double top sell short against 1373.25, but higher timeframe charts still say up, so watching carefully, and holding tight stop.

Update at 12:10 EST: Continue to hold short for lower lows.

Update at 12:23 EST: Exit shorts and reverse long -- based on higher timeframe charts.

Update at 13:05 EST: 1374.25 is current resistance ... it is both a .786 fib and a .618 fib level. Look for retracement of the move up from 1369.75 low. 120min and 60min charts are still saying upside momentum is building. Watching carefully.