E-Mini-Russell is trading lower this morning

E-Mini-Russell
is trading lower this morning on comments from the fed in the meeting minutes
on Wednesday.  We’ve broken below the PLOD so the sellers
are currently in control, and we will be looking for clues to see if this will
continue.  We have a very interesting situation
with the broken price wedge above us around 791.2.  I don’t want to forget about this old price
wedge because when the sellers fail, this price wedge from 791.2 up to 809.0
area will be a price magnet.  

We’re
looking for the sellers to push price below the 779.0 trigger-zone support and
then we can use our wave pattern to enter short with new lower-lows.  Look for the fake-out breakout at this low of
the trigger-zone and if the sellers fail we will buy the price reversal and
take profit back up into the price wedge above us and test the PHOD 797.9.  If the sellers are too strong, look to sell
short with our wave pattern below the 779.0 and take profit at the lows of the price
channel.  Then, remember, to BUY THESE
LOWS, because that is the high-percentage trade for a bullish price channel.