Homework for Wednesday 2009.04.15

14. April 2009
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The ES finished just shy of the target of 865 by less than 4 points on Monday (see chart below).  Unless something changes, I am going to treat this as a "target hit" and the pullback we saw Tuesday wasn't surprising.

 

Bullish: a 50%-61.8% pullback puts us at long from 832-825. (As of this writing, we bounced off 833.)  In addition: 

  • Gann level at 829.50.  Right in the middle of this range.
  • Today's close had a 50% pullback with a target of 832.25.  At the start of the above range.
  • 24H S1 level at 831.75
  • Targets: 861, 875

 

Bearish: looking for a maximum pullback to 847.25-850.  Things to consider: 

  • Gann Levels at 844 and 847.25
  • The 24H PP at 844.75
  • There is always the old 837 level to deal with on the way up
  • Targets: 829.50, 816, 803.75, 788 

 

 

Homework

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