Wednesday, September 21, 2011

now headed for 1050 and lower

Here is a five point box, one box reversal chart of the December e-minis. Today the market has broken below the low edge of a well defined trading zone. The count implication is for a drop to 1050 or so, a new bear market low. If the ES gets that far (and I think it will) I don't think the market will stop until it duplicates the length of the May-August break which was 290 points. This would imply a drop to 935 or so.

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