Monday, June 07, 2010
Here is a five point box, three box reversal chart showing 24 hour trading in the e-minis. I had thought that 1055 would be today's day session low. But the market traded below the 1050 level late this afternoon. That makes it likely that 1036.75 was not the end of the correction. I now think we shall see the low in the 1000-1020 range (green oval), near the lower parallel trend channel I have drawn on the chart.
I still think this is a reaction in a bull market. If so the ES should move well above the 1300 level by the end of the year.