Wednesday, May 4, 2011

Head and Shoulders breakdown on the ES 60 minute

The targets are roughly 1290 to 1300 once again...though this time I suspect we break lower. My targets for TF are 750 though the systems have covered their shorts for a whopping the Swing Positions for TF and ES etc. I am long a significant amount of the Dollar Index near today's lows and imagine the experiment by the silver and gold long crowd to attempt to keep their trade on by transfering short the dollar will produce dramatic results as their accounts head back in the direction of ZERO. This looks like it going to get VERY interesting.

Over all professionals sold every uptick very heavily today...and bounces will likely feel to longs like dips felt to shorts only worse. As I said before...time to be very careful. I have had an incredible month of trading and wish everyone the same.
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