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ES

9/27/11

11:13EST

ESZ11:

1187.00 completes the move up off of the recent bottom (1102.00)

therefore this pattern is of central importance

Pointing Down

Down Price Target: 1166.25

Up Price Target: 1195.50

My concern is this

Patterns pointing down on fresh now term highs reach the up price target majority of the time based on short covering; the minority of the time is a now term trend change.

 

added to my short at 1187.00

short from 1185.75 (took profit on half at 1178.25)

plan to add again at 1184.25/50

failing to trade below 1183.50 I close my short

or at 1175.00 I take half off the table