ES #F 102506 FOMC Meeting

5 waves up into GH at 1385.75 for a sell short for bigger retrace ..... downside tgts: 1381.00, 1379.75, test of 1378, 1376.00, 1374.75, 1373.50, test of 1370.00 low.

Update at 09:39 EST: Market tries to bounce on the open, making a .618 fib retracement ... just missing the gap close at 1384.75. We can still make an attempt to trace out an abc or zigzag pattern into the gap close before moving lower. Holding onto my short as I had the best entry.

Update at 09:50 EST: Gap is now filled. We traced out an abc pattern into the gap fill, with the last leg having 5 small waves.


Update at 10:29 EST: Sell short once again for pullback, as we have 5 small waves up into 1386.50. Tgt is the small .618 at 1384.00

Update at 11:00 EST: .618 tgt hit.