It's all speculation, but I am looking at the prospect that we just completed a Wave 2. If it was a Wave 2 then a Wave 3 could bring new lows....but then again who knows what they have in mind.

There you go. In my opinion (this kind of goes totally without saying) it's all about sitting around trying not to get too bored such that you lose your concentration, waiting for the spots like this to get hit, the 'predefined setups' concept as roofer likes to call them. Let me spin off of Edison's famous quote: "Genius is one percent inspiration, ninety-nine percent perspiration." and say 'Trading is 1% trading and 99% patient waiting.' Let's see if that becomes a famous Jim Kane quote 100 years from now :-)

Maybe I can set myself an alarm....

Well, I took the short in hopes this might be Wave 2 of 3, but I suspect it won't play out.

Unreal use of the lines so far, I'll say that, as this coil tightens more and more. And talk about the Senate passing the stimulus package today, and the big jobs report tomorrow. I, for one, would be shocked if they don't explode it to the upside, given this chance. The sentiment is 1,000% bullish right now, and the shorts are scrambling. This is more a bigger shift of sentiment than the smaller, intraday sentiment I spoke of in another thread. But we'll see... Notice the smaller timeframe 'cup and handle' at the line, and if it closes here, it's a KT rocking chair pattern failure setup. If so, look for the gap up tomorrow.

Ooh, nice for you so far, M. I didn't even expect this much of a move off the area, as choice as the area is. The caveat I mentioned above for the rocking chair setup is that it had to close right there. If this drops any more it will invalidate that setup. If they rush it right back up from here and close it on the line, off an EXP ABCD right here, it would still be vaild, in my opinion.

Actually, it would be closer to a DT ABCD.

I got out of this. Too hot to handle for me.

once again you called it right. You're like a magician or a fortune teller :)

Yeah, I once was called 'Merlin' by one very well-known trader, and Maestro by another. It's not about predicting, though, only reading the action to judge the probabilities. But the really cool part is the subtlety of what happened. The late sell off 'weakened' the rocking chair setup a bit, and it closed a little below the line. I think this is why it didn't gap up, which is the most common way the rocking chair setup plays out. But, overall, it did play out spectacularly. Thanks for the compliment.

I suppose that's what 30,000 screen hours will do.

Well, it's surely a major contributing factor, no doubt in my mind.