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JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, boys and girls, let's see what you got.
JI
jimkane
Rep: 3,058
Posts: 33,089
Daily pivot, GLOBEX high, 1.000 ABCD, lines, thrust up on volume spike, this is it. And it looks like they want lots more up. My side right now is long side, so I don't care, but this is the key spot for the day in here.
JI
jimkane
Rep: 3,058
Posts: 33,089
If this is 'wave 3' it may run well into the 50's. But I am not discounting this excellent setup just yet...
MR
mreiserer
Rep: 110
Posts: 2,220
I also got an area a bit higher at around 844-45
MR
mreiserer
Rep: 110
Posts: 2,220
sure has the looks of a Wave 3...
JI
jimkane
Rep: 3,058
Posts: 33,089
And that's exactly what they want you to think. It may be, and this little ABCD may well launch it up, but a lot of times the best setups look like they will blow out the areas. That's why I mention it.
MR
mreiserer
Rep: 110
Posts: 2,220
certainly is reacting to the 844-45 area, so a little stop run above the daily pivot...
JI
jimkane
Rep: 3,058
Posts: 33,089
Notice they've been running GLOBEX points lately, the POC twice today, the GLOBEX high and daily pivot, for the last almost two weeks since this really topped itself out they've been running stops and chopping like crazy. Once you see it you can try to use it, and I'm on the alert now for the next change...
JI
jimkane
Rep: 3,058
Posts: 33,089
See what a little patience can do? Now watch this newer bullish ABCD for the next clues. The old 'wave 3' or CD leg point we always watch so closely, for those new to the concepts.
JI
jimkane
Rep: 3,058
Posts: 33,089
Beige book at the top of the hour, that should really get it moving on way or the other.
MR
mreiserer
Rep: 110
Posts: 2,220
I want to show where this touched, x marks the spot



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MR
mreiserer
Rep: 110
Posts: 2,220
Oh, Tomo I can write a novel about that. Don't get hung up on missed trades. There will always be another chance :)