Tuesday, January 26, 2010
Here is an hourly chart of day session e-mini trading. I have drawn the progression of boxes from the start of the correction. Each is 12-15 points from top to bottom. The market has been a little stronger today than I initially expected. But it is trading near the top of its current box. I think another break will start later today and carry the ES down to a low near the bottom of the next box. This low should be in place this week and a rally to 1200 will be the next development.