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.

Shhhh. I want that to be a secret.

Now, I'm not saying I don't think the bull is strong, ready to leap tall Wall St. buildings with a single bound, able to stop bullets with its thick hide, and able to stop the bear locomotive coming straight at it with ease, but this still could set up as a sell the news event, as the G20 wraps up, the mark-to-market is toast, the big jobs report tomorrow, and then they are left with earnings season starting. Just a thought, as we hit some big areas in here. That, and all the calls are for way higher, and soon, as there is no point to wait now, they say. This could be interesting. T's caution is well-advised, IMO.

The 850-855 area still stands

kind of a key spot here 1.27 and .382 and line creep.

Sure was, but that chop there when Ba-Rock-Star Obama was talking was tough.

quote:

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Originally posted by jimkane

quote:

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Originally posted by mreiserer

I tried to play the TD or an EXP because the C point was a clear 1.128, well it did a 1.46 hybrid EXP/DT or whatever that is. 1.46 made me think Wave 3. Should have looked at the TF setup instead.
No jumping here. Such is trading, such is life.

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I see the TD you were looking at, but I don't see any trigger for it. I see the pattern as a DT, since the C point, although a 1.128, was only two ticks different than the A point. Regardless, the pattern and area was clear (.685, .236, 1.460, natural set lower //, GLOBEX set, etc.). That was the most clear and properly proportioned setup for the move, in my opinion.

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I took a very fine trigger on the ES for the TD, something I had sworn I'd never do again and I did it again.

quote:

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Originally posted by jimkane

Sure was, but that chop there when Ba-Rock-Star Obama was talking was tough.

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careful with the hyphenated Obama there.

Nah, roofer is permanently gone, so I can post without worry of offending him.

maybe I am dead wrong but somehow it looks like they're out of gas right now (two minutes later we have new highs :) )

but I am wathching this 4pt if it is one

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.