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

Interesting and precise combination. I mean, why not a 1.0 or 1.12 ABCD? I know that from a Kane method perspective we like to have more line work and then watch the area for a reaction and then trigger.

quote:

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Originally posted by sirios

I think we are going to point D on big 0.886 ABCD pattern. It is also at 50% retracement of bear market. This is weekly chart. We can also see similar structure on other markets.

Click image for original size

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More confirmation we can find on this chart.

Daily chart also looks good.

Although I suspect chop all day here, watch how this reacts when this TL creep here breaks. It may start something.

And, again, this is really not true TL creep, just creep along a line of immediate price action. That usually doesn't produce anything but a quickie stop run.

Nonetheless, in the small chance it is a lower high test for a bigger lower high, keep an eye out here.

Anyone notice treasuries and what I posted in the last commentary?

Now up, or more chop?

Yep, took the whole week to crawl back to the top and HOY is only a few points away.
Expected another test of these high but too choppy.

Most (dumb) european stock-news TV stations expected a rally because of the Nobel Peace Prize
for President Obama but looks like the market doesnt care so much about peace. ;)

Well, everything I have keeps pointing to that low 1100's area. I have some outrageous uptrending 'flow lines' that come in with my best downtrending set/trend lines, lots of Fibs, and it would take one more good push, or two pushes with a pullback, and that would be that average 70% mentioned in my last Jim's Thoughts post from a few minutes ago. I'd be happy with the top being in already, but it acts like it wants more. The main issue I have with those 1100's areas is that everyone is talking about them...

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.