Channels and Patterns: Testing 1130

- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......

- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Thursday 5 August 2010

Testing 1130

The lower trendline of the rising channel on ES was touched again overnight and held, so while I'm not really regarding the upper trendline of that channel as a target unless we see a break with real confidence of 1130 ES, it does look like a solid support trendline for the moment, and I'm moving the stop on my ES long up beneath it as it rises. A break of that trendline should signal that the next short-term top has been made:

If resistance at 1130 ES is broken, then the next key level of resistance that I'm seeing would be at the Jan high near 1148.5. That could be reached within the ES rising wedge, but not until next Wednesday unless we see a wedge overthrow:

For some more detail on why I think we are close to an interim top here, you should read my post last night.

http://channelsandpatterns.blogspot.com/2010/08/nothing-goes-up-in-straight-line.html

Thursday 5 August 2010

Testing 1130

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