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Monday, February 1, 2010

I Should Listen To Myself More Often

So last week was confusing, lots of up/down action with false breakouts and false breakdowns that generally trended lower. I was trying to chart / count it, just like everybody else. But I was looking through some older posts of mine and I drew up this chart the week before last (Friday Jan 22) from this post Looks Like Hibernation Time Is Over:

Interesting. And I had not touched this particular chart all last week (or looked at it, and in retrospect I should have :) ), which means I left the annotated projections just like I drew them last Friday. The price data then filled in last week and this is what the chart looks like today:

..... I should have just listened to myself 2 weeks ago. LOL!

Anyways, per my post this morning, Update on the ES Count / Pattern I think the move down is done and we are now in Wave 2.

In fact today / tonight we broke the upper trendline. We might get a pullback tomorrow as a correction, but it should not make a new low.

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