ER2 charts

futures live trades

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humble1
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Testing yesterday's lows already

Postby humble1 » Thu Mar 01, 2007 1:19 pm

this is what happens when the price action can't hold the lower fib level for support. the price action consolidated and tried to break upwards several times and failed over and over. the bulls just weren't strong enough to move it higher, the bears took over. now it is back to bull territory. I am buying this level for now, with a quick mind to SAR if it gives me notice it will fail to hold.

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humble1
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weekly and daily charts very much in play here

Postby humble1 » Thu Mar 01, 2007 3:21 pm

note the convergence of price support, fib support, and parallel trendline support on the weekly....the daily chart shows the low of the day touched just above the 200 day moving average.

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humble1
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now reaching short term upside targets and price resistance

Postby humble1 » Thu Mar 01, 2007 7:48 pm

again [2nd test of 798 area].....that rally from this morning is panic covering from the bears.

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humble1
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Postby humble1 » Fri Mar 02, 2007 1:17 pm

just after posting the chart above, ER2 formed a double top and broke down out of the pattern and made it's downside measurment over night. Now price is sitting at 50% retrace near 785. This level would ideal to build and inverted HnS bottom pattern again if it holds. 38% retrace resistance still looms solidly @ 795, so this is still touchy for the bulls. I will buy somewhere in here near 785-782, much lower than that and I am looking for another retest of the lows and will not buy until I see the bears weaken again after a selling climax.

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humble1
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Postby humble1 » Fri Mar 02, 2007 4:54 pm

the right shoulder should be complete soon on a time basis.....volume should continue to dry up as bored traders just sit and wait.......everything is normal.

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bh_trade
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Postby bh_trade » Fri Mar 02, 2007 6:43 pm

Above 782.70 (15 minute recent pivot high) sould be first indication right shoulder is done to the downside

humble1
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Postby humble1 » Fri Mar 02, 2007 7:41 pm

right shoulders can be very frustrating. the bears seem to be getting nervous. trading 781.

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Postby humble1 » Fri Mar 02, 2007 8:02 pm

a higher low here will set off the bears imo.

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bh_trade
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Postby bh_trade » Fri Mar 02, 2007 9:03 pm

Sentiment pretty fugly. Nobody willing to go home long this weekend. Preparing for the next Black Monday I guess

humble1
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low volume retest

Postby humble1 » Sat Mar 03, 2007 2:40 pm

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