Here is today's wave chart for the e-minis. So far it has a bullish look - the last up wave was bigger than the down wave that preceded it. I still think that support is centered at 830, the purple dotted line. From the open the market dropped about 7 points (blue rectangle). A similar drop now would take it to support near 830. I expect the market to finish the day near 850 if I am reading things correctly.
Friday, February 13, 2009
Wave Chart at 11:10 am
Here is today's wave chart for the e-minis. So far it has a bullish look - the last up wave was bigger than the down wave that preceded it. I still think that support is centered at 830, the purple dotted line. From the open the market dropped about 7 points (blue rectangle). A similar drop now would take it to support near 830. I expect the market to finish the day near 850 if I am reading things correctly.
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6 comments:
Hi Carl,
I see that you look at volumes on the ES. I used to believe that volume analysis on index futures is not of much value since continuation of a move in the futures is also dependent on how the actual cash market behaves. Do you also look at volumes in the cash market.
Thanks
RC
When you say the support is centered around 830, are you using a vwap or some market profile software with point of control (poc)? Thanks
Hi Carl,
We're back from our 14 day druise, my 873.00 stop was not hit, we ralled to 872.80, so I just covered my 843.00 short and went long at 830.00 and hoping for a rally.
We had a greaqt time!!!
Thanks.
Kindest regards,
PM
Carl, you have a very unbiased and accurate analysis of the market and you act according to your short-term conviction, which changes as the market changes.
Even though it is hard to teach an old dog new tricks, I am still learning from you.
Wish you great long-term success!
Thanks!
I think we are going to 700 next week, so i am going to take short position monday at 845-850
Hi Carl,
I reversed back to the short side at 825.00.
Thanks.
Kindest regards,
PM
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