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MortiES' Pre-Opening Comment 29Jun2009

Written by Mortie
June 29th, 2009at 7:19 am

Looks like we are back on with our endangered 927′ish target. Globex did its magic IMO and gave us back a shot at a more “reasonable” end to this correction. Basically it did a little ABC off the high of Friday and headed back up. I am posting a line chart of the 60 min action to eliminate the noise again. Note an extended W4 of Wave C, and that we are in W5 now. Comments on chart.

es-preopen-29jun2009

Categories: Markets

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  1. MrTrader MrTrader says:
    June 29, 2009 at 12:45 pm

    the second one was a jpg but failed also… maybe it was because i simply ‘renamed’ the png since screencast wont let me capture jpg files

    spy-v-tick.jpg

    Reply
  2. BostonWealthMan BostonWealthMan says:
    June 29, 2009 at 12:08 pm

    Hi Mr. Trader. Try jpg!

    2_Bull.jpg

    Reply
  3. rockybalboa rockybalboa says:
    June 29, 2009 at 10:33 am

    Mortie..

    Another spectacular call by you today. ES on its way to 927.

    Damn…you are good. And better each time.

    We should have a points system on this website. You would be getting my points for the most accuracy in predicting short-term trends.

    Way to go Mortie..keep it up

    Reply
  4. Mortie Mortie says:
    June 29, 2009 at 10:22 am

    Placebo, just the market shaking out the uncommitted. The regular session filling the gap up was not surprising since the pattern was pretty complete to the upside on the 1 min chart. ES just needed to get a running start IMO.

    Reply
  5. MrTrader MrTrader says:
    June 29, 2009 at 10:21 am

    my $tick and moving average based observations seem to agree with your higher before lower analysis. Thank you for the detailed charts and analysis!

    Reply
  6. Placebo Placebo says:
    June 29, 2009 at 9:56 am

    Hi Mortie,
    It’s looking like the trend has shifted to the downside. Unless we get a bullish turn around by 10:30 I think the C Wave down has started.

    Reply
  7. rockybalboa rockybalboa says:
    June 29, 2009 at 8:16 am

    Hey Mortie..

    Good stuff.

    Looks like you are going long on ES, right up to 927, and then will switch to short once your get reversal confirmation.

    Keep us posted.

    Thanks

    Reply

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