Wolfe

[waveslider]

conservative entry....

[waveslider]

Take one off here at the top of the channel

[bh_trade]

	Quote:	waveslider
	Take one off here at the top of the channel

Good trade Waveslider, top of channel was also developing value area low and a tick in front of the double bottom from earlier in day.

[waveslider]

Trade not looking so good any more at this point, has taken out #5 low. Will look to exit at about 750

[waveslider]

This has gone and formed a larger pattern. The last trade would have netted break even or a small loss. Let's see how this one goes into the close...

[waveslider]

Here's another attempt. The markets are trying to trend lower, maybe they will slam low into the close to attempt a shakeout on the higher time frame. Good longer term buy signal on the daily charts.

[waveslider]

The higher time frames are over-riding these short term patterns, trying to shake out longs. That's why this pattern works best in a range. A clue that these weren't going to be slam dunks was the fact that the other markets, like NQ were trending down throughout the day.
That being said, the relative strength of ER2 is a bullish sign for the markets.
On this chart you can see that I applied the andrew's line as a conservative target. When price failed at this line, which coincided with the 2-4 line, it was an exit signal. Markets will likely be gapping up tomorrow.

[waveslider]

here's the chart

[bubba]

another longer term pattern - ES

[waveslider]

ER2 466 tick chart, potential....

would rather see the 4-5 wave one single thrust instead of chop..