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ES: Strange movement

10/17/2011

11:06EST

ESZ11:

Strange movement (not predictable)

We have a bottom pattern with an up extension

Pointing Up

Up Price Target: 1211.75

Up Extension: 1216.25

Down Target: 1173.50

1197.25/50 is pivotal support for the pattern

we failed to trade above the floating pivot at 1204.00 (60m)

purple dashed line in the chart

in order to confirm the bounce/reversal it must trade above the floating pivot.