Market Update, 2009.08.17 (ES Daily)

17. August 2009
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ES Daily: Beautiful chart!  Huge sell off so far today.  Looking back at a post from a little over a week ago, the 1.618 level held nicely.  We also see the 0.618 matches up well with the past swing low. Is this a start of a new trend or merely a pullback to go higher.  I'm going to look at the speed in which this sell off happens to give some signs.

 
 
ES 120 min: Also, Looking at the intra day movement (as of this writing), today's low worked out perfectly to the 1.272 fib projection, as shown below. 
 
 
 
 
 

Market Update

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