Homework for Wednesday 2009.01.28

28. January 2009
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ES - We made a perfect 360° rise (874.75) (See chart below).  Thus, from this high, we have a long entry at the 180° pullback at 856.25 area (see chart).  As of this writing, you can see we are now bouncing off a 90° pullback (360-90 = 180+90), almost to the tick.  As noted in this blog entry, we will have some resistance on the way up from a daily ascending trendline around 877.  This level is also very close to the 879.50 level, which is 45° up from Wednesday's high (see chart below), thus offering additional resistance in this area.  Next level of resistance is 360°+90° at 884.25 (also, noted on chart).  Once we get up to the 880's we will be getting very close to the ultimate goal of 887-894 as noted in this blog entry.

  

 

6E -  As noted in Wednesday's homework, after hitting our goal at 1.3316, we made a perfect 180° fall down to 1.30900.  After a 45° pullback, we hit the lows once again.  If this fall continues, my targets are 1.3017 or possibly down to 1.2927.

Homework

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