If the belief is that we're going to go down this week, it seems to make sense to be short the ES. Now, there's quibbling over what will happen before we go down. We will go higher some? Head lower straightaway?
One thing that seems consistent is the notion that we are indeed in a symmetrical triangle formation. If that's the case, the only rule that must be followed is to make sure we don't violate the descending trendline of the triangle.
Given this, I've set my stop at 972.50 on the short position I've entered tonight. I am heading upstairs to study for my CMT test (level 2) this Saturday, so I can't be staring at a computer screen all night.
See you in the wee hours………..
