Which way do we go from here? Emini - 8.07.08

Yesterday's close may have set us up for the perfect SELL

If you take a look at the chart to the right (you may enlarge to see small fonts), note the perfect wave pattern and retracement off the lows.

Could it be anymore perfect?

For those of you that understand Elliot Wave and Fibonacci, you can't deny a chart like this one.

This pattern must be completed and that means a new low - projected low somewhere around 1175.

Beware all bulls and be careful here.

Puts are cheap and try to sell rallies... it may indeed be a great move south for the Bears here.

Barlow