ES - We have already made over a 45° recovery since Tuesday's low, so the next major selling level is at 90° or 826 (see chart). We also have a major resistance level at 824 (360°, measured from the top of this down move). However, before we get there, we may run into some resistance at 814-816 (the diagonal trendline). See levels on chart below.
- Sell 824-826, target 814-816 then 793-795
6E - Euro. As of this writing, the euro is making a strong bounce off the lows. My initial sell level is 1.3006, which is 45° up from Tuesday's low. As of this writing, we have already bounced off 1.3003 for 50 ticks.
ZC - Corn. For fun, as a sim, let's short 389.25 down to 363.25 then 333.75
Homework