I hate trying to pick a top but this is such a low risk trade. The es's can't breach 1339.25 without making the 3rd wave the shortest. You either short here and know you're wrong right away or maybe catch the exact top. Very low risk setup. :)
Technical Analysis for the Serious Market Technican!
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Thursday, February 17, 2011
S&P Update
Yesterday we met the long term Fibonacci price projection of 161.8% off the March 09 low. Target was 1337.63 and 1337.61 printed. Today February 17, 2011 we meet a 161.8% time projection off the July 1, 2010 low. Time to consider tightening stops on any longs.
Wednesday, February 16, 2011
S&P Level
S&P is at a very interesting turning point. 1337.63 is an exact 161.8% Fib projection from the March low. We've now made 1337.61. Todays close will be interesting. A 161.8% Fib time projection falls on 2/18/11.
Tuesday, February 15, 2011
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