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.

Euro's hitting that first area for the TD...

quote:

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Originally posted by mreiserer

There's spot right here that they need to overcome. The 740 seems right timefactor wise.

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ES reacted right on the money.sweet.

You mean the 1.128 ABCD potential 'wave 2' at a .786 and a near perfect set line upper //? If so, yes, I was all over that like white on rice. Notice the small ABCD and final 'wave 5' to a 1.272 that sent it into the area? Like you said, sweet. Just like the hokey-pokey 'That's what it's all about' :-)

Yes, that's what I meant. Even though I trained my eye not to look at countertrend ABCDs I also saw this as a TD ABCD going the other way (if you know what I mean)

Yes, exactly, except if I have any reason to suspect the high (or low, as the case may be) might be a reversal point. Now, granted, we have our areas, and this wasn't one of them, but take a look at this. Take your set that outlines the 740 area. Now add a sliding // on for the 2/13/09 high (it would be nice if you could post this for all of us). Hmmmm. So, even though I wasn't necessarily thinking this may be the end of the upside in total, I sure was thinking this was a reasonable area for a move down into either a 'wave 4' CD leg, or a 'wave 3' if this is something more. But mostly as a quick intraday trade this wasn't a bad shot. Plus, it seems we are at the point where 24-hour trading is here, so, as long as one can go without a lot of sleep, or just keep a stop in and don't watch it, it is possible to just stay with something even after the cash close. It isn't like 'holding overnight' anymore. The only scary spots are the small breaks it takes for 'maintenance', if something happened during that time period.

Here it is. The main line I used was the cloned line for the set using 2/23 low and 2/26 high

So, with those lines there, I had enough to think the ABCD up might be a 'wave 2' worth taking a shot at. It's not countertrend if the start of the potential 'wave 1' is a PTA. At the worst I thought it might be a CD leg of a 'wave 4' up, and might go down a little ways before that moves it back up to the 740 area.

740 lurking with that nice 4pt (Wave 5?) up

Big spot

It sure is sweet, and classic 5 waves to boot. And they sure are making it look really, really strong into the area. Honestly, though, I'd be surpirsed to see anything happen here at all except it blows it out to the upside with vigor, but I'm going to let the price action tell me.

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.