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.

Jim, great commentary,trading, charts. Thanks.

Now that's cool. What software is that?

Wave59

quote:

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Originally posted by BBJ

Wave59

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Can you do tick charts with it?

No tick charts...it's on the "to do" list.
Time is lost with tick charts. Think that's one of the reasons why it has not been added yet.

Here's some charts from today. I probably won't be posting any more intraday charts, as it takes a lot of time, and although it may be interesting to most of you, it's all the same things over and over, just more of the same.

I thought today was just unreal, as far as how this thing moved off the areas. Even though I will show quite a bit here, it is a fraction of what is there. I'll have to skip a lot of little details. Still, this will be quite a lot.

Here's the nice 4-Point CP that triggered right on the open. Look familiar? Look back at yesterday's setup right before the open. This moved over 16 points before it put in the price action signature that it might be done.





Next, this shows the move to the low, where the POC for the day sits (the brick colored line). I get a set on there that has the VAH (in gold) sitting at the upper //, in that 56.4/61.8 area, where the next good setup hits (there was a setup at the low running it to this area, but I can't show everything). It drops off the area, down to that ML, right at a key trendline (in red, look back and it's obvious), at an .886 and the POC again. It reverses up to that upper //, drops back down to that TL in a very clear ABCD (look on a 1-min) and then blasts off.





I added on an upsloping set with an upper outer division line. The ES runs up to a 1.272 ABCD (notice I highlighted that little hidden 'wave 2' ABCD I mentioned), which is the next short setup (not covered here, but if you do the work, the lines are there). It rolls down into a tight confluence area off all the swings, back at that red TL, and right to the lower // of the new set. It also hits into the area of the upper // of that downsloping set. How nice is that? It then rockets off to the area of that upper outer division line and that downsloping line, at a key 1.128. What is that downsloping line? The ML from the big set I showed for the big 4-Point CP that sent this down. Look back at the previous post for that. It then rolls off that, right back down to the lower // for that upsloping set. And believe me, this is the super-abbreviated version, as there is a lot more to show in here. Point is, look at how this thing followed the basics, making huge swings off key, very obvious areas. And finally, the big run up started the minute Bail 'Em Out Benny stopped talking, just like yesterday.






Charts created on QCharts, courtesy eSignal

awesome charts! thanks Jim

Check out the 'virgin' GLOBEX high from Thursday that I had on my chart, the HOD today hit it to the tick before it dropped like a rock. And put a TL on from the high on the 19th to yesterday's high, for that 1.272 ABCD that completed at 13:56 PM. And so on...

Everyone should do themselves a favor and look at today's action with the GLOBEX high and low on their chart, and the VAH and the daily pivot (use just the RTH for this calculation). The POC was a little useful for that last push down. Totally awesome. Now, work that in to what I thought was a spectacular day for the KT methodology, and you can see why I like to have them on my chart. When they hit at the same area as one of my setups I really like it, and today there were at least seven times when this happened, by my work.

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.