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Homework for Thursday 2009.01.30

29. January 2009
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ES - After a very interesting day on Thursday (as detailed in this blog entry) I feel more downside coming.  I'm looking to short 850.50.  If this level doesn't hold, we have the diagonal trendline and resistance at 858-861 area.

UPDATE:  I'm not sure why I didn't completely write my thoughts down, but a 90° pullback from the close was at 949.50, which is concluence with the 850.50 mentioned above.  So enter 849.50-850.50 with a target was the full 360° move down at 832.  We got very close to both of these enter and target areas (enter price within 2 ticks, and target within a point).  Even though these weren't exactly touched, I will treat the price movement as completed the 360° cycle.  Thus, I am looking for a pullback to the 180° line (858.75) which is also in the area of the diagonal trendline mentioned above at the 861 area.

 

6E - A full 360° move down is at 1.2863.  We got within 5 ticks of this level and now floating sideways.  A 45° pullback from the current low is at 1.2925, where we may find some resistance for a push further downward.  However, the big downward level to break is 1.2860 area. 

Homework