Thursday, July 26, 2012

ES - 26 July, 2012 closing re-cap

My reading of today's action is in the chart above. The market started today the leg-up that I was expecting and by the action and the proportions that unfolded, it looks like a wave 3 thrust, of what degree I do not speculate.

Based on extension projections of 3 different proportions (see chart), I see a short @1362.25, for a conservative 2-3pts profit target.

Realized P&L was €3,956.

I end the day flat.

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