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ES: 1120.50 KEY LEVEL

9/23/11

9:27EST

ESZ11:

Now Term:

1120.50 is the key level regarding the developing bottom pattern; in other words it MUST hold the 1120.50 level in order to continue developing as such, if not we should see 1078.50 to 1082.00 (today)

 

At 1102.00 we completed the 300 minute time cycle, this has been the prevalent time cycle since the high at 1214.50, it needs to reach 1131.00 in order to qualify as a valid bounce pattern; its still quite early but the move down from 1138.50 to 1102.00 clearly is developing a bottom pattern (now term) of which is pointing up to 1175.00. At roughly 10:15EST we will have our first valid indication as such.

1120.50 is the key level regarding the developing bottom pattern; in other words it MUST hold the 1120.50