Another week of the Jim and one or two other people show?

There are still possible ABCDs from the top on both SP500 and DJIA with CD legs equal to 1.272 of AB legs almost exactly to the tick in both cases:






IF there will be no continuation to the downside, then those expecting a ‘wave 3’ here might be caught off guard. Especially that there is also a possible Roofer’s Kane ABCD test and retest setup on SP500 with a 93% chance of reaching the medianline …

Careful here, this is a significant area here around 38ish. Must prove itself here.

Next areas are 42-44 and very key 48-51 (maybe 52).

If the downtrend were to continue the ideal rollover, technically, would be here, though, so it doesn't trade into 'W1'.

Watch 1038-40, if this minor area here around 43 doesn't hold.

It held, and it goes right to the .382, TL, and upper //, where it battles the area like crazy. So, I see if this rolls it, or if the next key area around say 50-51 is hit.

Excellent. The area stopped it dead, but it battled through, and now I watch the next area mentioned just above. Keep in mind the LOD was a key area supporting the continuation of the big ABCD that this has been rocketing off of, so I'm long side bias and in 'management mode'. If this doesn't run out of gas soon I suspect new highs will be here in a flash. If that potential intermediate top is in, it needs to act like it soon.

51 hit. Now we see what it thinks. I suspect checkback and up, but let's see.

Note that this is the most significant 3-min line area here.

Watch the TL just above here...

Okay, that's it for me. Another awesome day for the CL. A great week for the ES off that big ABCD, giving nice bias for intraday trading, as well as a nice play off the area for a 'swing' trade. I can't ask for more than we got this week. But, hey, that's just how I see it, just one man's opinion.