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.

well that small bullish abcd is working out textbook. It's a bull market I guess.

another +300 today ?

just remember: everything is perfect.

interesting spot here

Sure would be cool if this was a big 'wave 2' flat/4-Point hybrid, but I'm not counting on it quite yet. The PPT is in total control, probably because of the G20 meeting and the bad data. It is rather surprising to not see a big drop after the quarter end run, which we were set up for, so this clue is not to be ignored. I rather suspect this may actually be a 'bull market', as I think they have decided it will be a bull market no matter how much taxpayer money they have to collect, and how much funny money they have to print, this will reinflate, period, end of story. When you realize that they have put more into this bailout than the entire value of our stock market at its peak, you can see they can do anything with it they want. Just my opinion.

Yeah, I was ranting about that myself before.

No point to fighting it. It is what it is. We try to make money on movement, and this brings movement. It's hard not to get feelings as a citizen confused with feelings as a trader, but we have to keep them straight. Although it changes the trading a bit, it still brings the kind of movement we need, if one doesn't fight it.

I know. It's a fight. Going long is a fight.

Keep an eye on this ABCD coming in shortly, and the 1.128 ABCD back at the key line once again, which also hits with another major set line. I strongly doubt this is a 'wave 2', but it is worth seeing how it acts with it, as that G20 gets underway. I suspect this is a 'wave 3' up in here, and a strong new high will be here very soon. We'll see.

INDU ABCD at two key lines as well.

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.