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, I took a shot at the Euro setup I posted and it worked for about 2 hours....nice setup, even did what looked like a nice Wave 2.

There were two clear setups today as I saw them.
The 4pt after test of a big line and the "bulltrendline"

It's certainly a contentious spot here around the 770. 790-800 next?

Well, let's give the 770 area some time first, and see what happens...

Agreed.

quote:

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Originally posted by jimkane

Well, let's give the 770 area some time first, and see what happens...

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Pretty frickin' amazing, IMO.

That was a sweet flush playing what looked like a Wave 4.

Now, we are getting to a good area for a bounce to start. It is also a good swing trigger area for the entire up move (assuming a potential trade for a move to new low, if one felt that was a reasonable premise). The point is, this may start to move up here, and either continue the uptrend to new highs, or stop short and put in a lower high, and initial 'wave 2' move. This can then be used as a possible second entry for the short side, or as a swing trigger point if it then rolls down, for those that want a lot of confirmation. It's also possible that it doesn't bounce in here to any significant degree, and if one isn't in already, an entry for a bigger move would be tough.

Just tossing out some ideas as this starts to unfold, as to what I am watching and how I am seeing the potential scenarios. Just keep in mind this 770 area was perhaps the best area of all of them, being the exact comparison move with the 4-point (look at the Russell, and its reaction to the same setup), and that ISEE Index. So, I'm taking this very seriously, and it sure did 'see it'. The really cool part is how the price action, I think, will speak loud and clear. If it bounces, it should act a certain way if it plans to roll right back down and continue lower. If it plans to just go right back to the uptrend, it will act certain ways. It should become clear which way it is acting fairly quickly. The really 'trick', in my opinion, is to read the clues, and not interpret them based on if you are still riding longs or have a newly initiated short. Read the clues without the bias of what you want to happen, and then act accordingly. That a big step to maturity as a trader, IMO. From Reminiscences of a Stock Operator: 'I own stocks because I am bullish, I'm not bullish because I own stocks.' The clues are the clues.

quote:

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Originally posted by jimkane


The really 'trick', in my opinion, is to read the clues, and not interpret them based on if you are still riding longs or have a newly initiated short. Read the clues without the bias of what you want to happen, and then act accordingly. That a big step to maturity as a trader, IMO. From Reminiscences of a Stock Operator: 'I own stocks because I am bullish, I'm not bullish because I own stocks.' The clues are the clues.

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Amen!!

Hallelujah, my Bruh-thuh, Hallelujah.

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.