E-mini S&P Plunges -- More Selling Ahead?
Now that the e-SPH has plunged into my optimal downside target zone
at 1272-1270 for the expected completion of the correction off of the
1/11 high at 1301, my work is telling me "NOT QUITE YET!" The index
is pressing against very important support between 1270.25 and 1267,
which represents 1) the 62% pullback area of the entire upleg from 1251.25
to 1301, and 2) the measured swing target zone within the corrective
decline itself-- at 1267.50 to 1266.50. Judging from the ugly, negative
juxtaposition of the hourly oscillators with the declining price structure,
we have to be prepared for still-more selling pressure in the lower target
zone prior to the expectation of a significant upside pivot reversal.
MJP 01/20/06 1:20 PM ET (1272.50/75)
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