Aug31.pdf

Trading plan for August 31, 2010

ES moved down by stair-steps all through the day session. Even though the pre-holiday bias remained positive in the beginning, the price remains inside the first wave of the major declining wave 3. So buyers are standing aside.

Today is the last day of August. We may see a small consolidation from yesterday’s declining move or an attempt to make a little bounce. But as long as price stays under 1059, any small bounce will not change the current major downtrend. Instead the reaction to a small bounce will be an opportunity for ES to break through the key support at the 1036.50-35.50 range and move lower toward July’s low.

Date Added: 2010-08-30 20:20:25
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