S&P E-mini for 8-17-10

Click on chart to enlarge

a look at the E-mini 4 hour chart.   The ES hit that target down at 1071 and actually drifted through it down to the 1066 area before taking a jerky bounce today.  All those lines are a Fibonacci grid based on a wave back in 2002.  These grids are simply a grid within a grid, within a grid and on and on until we get to today.

Interestingly, using a similar wave action from 1932 will place these fib lines almost in precisely the same place when projected to today.  So, don't tell me there is nothing to cycles, repetition, "golden numbers" etc I just have observed it in fractals and almost everything I look at. No need for me to do great research to prove it many others have and still work at it.  After all if it works for me, I could care less what the rest of the world does.

One of my "study buddies" has written and automatic study to produce this grid for TOS, Ninja trader and Tradestation.  I think it's for sale and maybe later I will put up a link to his website.  I have been using this technique for quite some time now, putting grids within fib grids and anyone can do it manually but it does take a lot of effort and time.  Plus, doing it daily get's to be a bit of a pain.

Anyway, the ES may slap up against the 50 and the 150 on this 4 hour chart or just get slammed back down by the end of this short week.  Always do your own due diligence and trade smart.