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.

ES #F 102406 Another Day Another Dollar

Support overnite at GL of 1378.00 Buy signal off both 8min and 6000V chart with long entry to close gap at 1380.75, and higher. Upside tgts: 1381.75, 1382.25, 1382.75, 1384.00 test, 1386.75

Update at 09:41 EST: .618 fib level hit. Now we have a bearish gartley butterfly pattern in place for profit-taking. Next tgt: 1382.50, 1383ish, and higher.

Update at 09:50 EST: 5 waves up into .786 fib level of 1383.00 for a sell as we have another bearish butterfly pattern.

Update at 10:44 EST: Looks like consolidation to slightly bearish. Possible wave b triangle completion here, with wave c for lower?

Update at 13:00 EST: Finally we gain some momentum to the downside. Downside tgts: 1375.50, 1374.25, 1373.25.

Update at 13:03 EST: 1378.50 is near OP and it is a .886 fib level for profit-taking; expect lower based on higher timeframe charts; let's see how this plays out.

ES #F 102306 Wave 5 of Wave 3 Complete?

The ES spiked up to 1398 overnite to make the GH. Just as fast, in a couple of minutes, it was right back to the close of Friday. Globex low is currently at LIS of 1372.00. Market retraced off 1372.00 low to 1374.75 high for a good sell short entry to test the low.

We had been in a wave 4 type of pattern for last week. Overnite, we spiked up to higher high at 1398.00 It looks like wave 5 is complete, hence the much deeper pullback to 1370 (from 1398.00 new high). Possible 5 waves down from 1384.74. IF 5 waves, THEN look for retracement of the move down. Upside tgts: gap fill at 1374.75, 1375.75 ish, 1377.00 ish, 1380.50 ish, even as high as 1387.50 ish.

Update at 09:59 EST: Gap close tgt hit;

Update at 10:52 EST: Upside tgts hit; PRZ here with .786 at 1381.50 and 1.27 also. Sell short for the retracement. LIS is currently at 1380.25. So scalp only for now. Higher timeframe charts remain bullish, and we are probably going to test the GH to some extent. This is a possible BIG wave 4 that we are in.

Update at 11:23 EST: 5 waves up into 1383.75. Sell patterns setting up on both 8min and 6000V charts. Higher timeframe charts remain bullish still. Watching carefully.

Update at 12:05 EST: Look for higher still.

Update at 12:35 EST: Small 5 waves up in 1384.50; sell short 1384.00 for bigger retracement.

Update at 13:13 EST: 5 waves down from high of 1384.75, and divergence and buy off 6000V. Look for .618 retracement at 1383.25.

Update at 13:19 EST: tgt hit. Mixed signals now. Could go either way. However, we do have a bearish gartley butterfly pattern against 1383.75. So the trend is still down for now.

Update at 13:49 EST: Downside tgts: 1379.00, 1375.50ish, 1373.25 ish, test of 1370.00 low.

Update at 14:06 EST: Hold resistance becomes new support at LIS of 1380.25; Let's see how long this will hold.

Update at 14:20 EST: 1379.00 tgt hit; Buy patterns setting up on both 8min and 6000V Charts.

Update at 15:22 EST: Sell on first test of 1384.50 high.