Here's the 4-Point I was discussing in Jim's Thoughts, with my key set. The key set line was the main factor for me. On the S&P cash it hit the line and 'tested' it three times pretty much dead on. No matter how you label this ABCD, it was an ABCD to me at a key line, with 'context'.





Now we sit at a key line, with TICK hitting an extreme, 1-min volume short-term climactic, and so on. It would be something to see if they can't bounce this up here. What a play so far, though, eh?!

Also, as a curiosity, the 1.618 hits near that lower //, just about at Laundry's low move for this leg. Very interesting.


Chart created on QCharts, courtesy eSignal.

Nope, a few points short. Darn, what a disappointment. And I thought they were serious. I guess we'll have to wait for tomorrow to see that +500. Maybe +700 tomorrow? Got to ride this until it stops going up. Pretty straightforward, pretty simple. Seems crazy, but it's the closest to free money so far as I have ever seen. Tony, who I'm sure is still fully long dead off the bottom, gets the trade of the year award for the KT forum. Great job, T.

quote:

---

Originally posted by jimkane

Seems crazy, but it's the closest to free money so far as I have ever seen.

---

Yeah free money and I couldn't find a single worthy setup on the basis of a 3 min chart or higher unless I wanted to trade some strange looking corrections out in the air or really tiny ABCDs that fit on a tick chart or maybe 1 min like the one after the open.
I guess just hit buy button is the right answer...

quote:

---

Originally posted by mreiserer

Yeah free money and I couldn't find a single worthy setup on the basis of a 3 min chart or higher...

---

I hate to be the one to point this out to you, then. Keep in mind 'spirit' of the pattern, and strict interpretation. How about looking at the action from 11:57 to 13:36 as a DT ABCD? Or an overextended EXP ABCD? Or a hybrid of the two?

Even if you struggle to see that, put a chart together with the following:

.236 off the Friday low
.447 off today's regular hours low
1.618 from 13:00 to 13:15
a set using the move from 12:33 to 14:09 on Friday, and the high today at 13:15
a set using the move from 15:36 to 16:00 on Friday, and the high today at 13:15
horizontal line using the 11:27 swing low today
and for fun, add on a ray trendline from the high on Friday at 12:33 to the high today at 9:39

Use regular trading hours, no GLOBEX, for the sets, for all the above.

Now do another chart using GLOBEX, 3-min. Do a trendline using the 9:10 and 9:50 lows, and a set (with division lines) using 8:00 to 9:10 and that same high at 13:15.

Blend those two together mentally and there was well more than enough for me in that area. Add in that I felt a better than 99% chance this would close on the high, and that was the spot.

Also, how about the 'wave 2' EXP ABCD on the GLOBEX, with an ABCD in the CD leg to the tick (this is a good thing in an EXP) that completed at 9:51?

I was watching that spot the whole time. Yes, the fib overlap was great and the lines were ok, but I really did not know what to make of this structure. Looked sort of like an EXP with a 1.618 CD leg. Maybe I am too picky in looking for fairly exact setups. This structure just threw me off.

As far as the Globex EXP goes, it's similar, a deep 1.618 C point unless your A point starts at 9:30 high and then it's acceptable, but I was napping on that one.

Well, I don't try for too much perfection. The area was pretty nice, with key fibs off key swing points, and double comparison set lines. Anything at all as far as structure is good enough for me, on a day I think there will be a pervasive trend.

it really seems like the corrections are often nicer in downtrends then in uptrends, maybe because the buy programs mess it all up..

TF moving much better

maybe I am nuts but wouldn't it be awesome if a short at the Globex high and DB ABCD and .886 worked out.

note even a reaction, it's a bull market you know..

ok here is the reaction, let's see how long it lasts. man it's boring in this forum...

I agree, T, with pretty much everything you've said. I commented a little in my weekend commentary on the unlikelihood this is a 'bull market', given all the things it is doing that have never been seen at the start of a bull market before. The intermarket dynamics are indeed pointing to the possibility of something big happening soon.

I also agree 100% with the potential doomsday scenario. There was a time when I thought all that stuff was 'crackpot' nonsense. Then I started to think maybe some of it might be true. Now I tend to think I just see no way that we won't crash back into the stone age. I try and try, but I just can't see how it can be avoided. I even think it may be engineered, not simply something that happened because of greed gone wild. I never, ever believed I would ever think something like that, but I also never thought I would ever see even 10% of what I have seen so far. Sure doesn't make me happy or hopeful for all of our futures, as you say, as 'citizens of mankind' :-(

Great market concepts, T.