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Jim - you mentioned the other day that you occasionally allow for 1.902 retracement of the BC leg in Double Top ABCD.
Would you also allow for the 1.772 retracement as in the example below?

and where did the market stop ....at the .886 1095.75

... it also completed a nice ABCD from yesterday's bottom at the same time.
Whether it was a Wave 2 from the top suggesting strong downside potential or a first part of 4-Point CP suggesting on the other hand strong upside potential remains yet to be seen

quote:

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Originally posted by jarek

Jim - you mentioned the other day that you occasionally allow for 1.902 retracement of the BC leg in Double Top ABCD.
Would you also allow for the 1.772 retracement as in the example below?

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jarek, yes, I would also look at that number if the setup came together. I just don't mention it much because I'm trying to keep that number quiet. It's okay in here, but otherwise I don't talk about it much. It's a valid and useful number.

quote:

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Originally posted by jarek

... it also completed a nice ABCD from yesterday's bottom at the same time.
Whether it was a Wave 2 from the top suggesting strong downside potential or a first part of 4-Point CP suggesting on the other hand strong upside potential remains yet to be seen

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Well, it went to the .886 RTH to the tick, and within a tick on the GLOBEX, and has started up. It also did a nice little W4 and W5 right into the area. Now we see what they do here. Do they do another miracle ramp off yet another less than one day sell-off? Or do they finally not come in? And if they don't come in today, will it matter, because they will just crush the dollar by Monday, and up to new highs the market goes then? All very interesting things to ponder on our way to Dow 30,000 (or 100,000) as the dollar goes to zero and Helicopter Ben becomes the hero of the world.

Forum crew: Geez, Jim, you sound bitter about all this market manipulation and your life savings in dollars being destroyed (read: stolen).

Jim: Yep.

So, is this the spot they come in and explode it up?

.886 of .886. I trust these guys as far as I can spit them. Ol' Benron won't let this drop stand.

''these bears always get caught'''... so far THIS bear has not been caught and continue to maintain my all in position in tza with the initial 10 cent stop, looking for 4 dollar move.if iu get hit .. so be it....

Wow, very impressive, roofer, I'm not used to seeing you hold a play like this for a longer move.

Hey, all, watch this little potential 4PT here in the ES, it should give us a clue if the MRRD's are going to hit the double .886, or if they are going to let it roll down more.

Okay, I'll solve the mystery. I probably should have left this for a day to see what anyone might come up with, but I want to finish up my week here, so I'll go ahead.

Note that this is not the basis for my trading, only one more factor I can add to my methodology when I see it. SL comes in, so I put the standard SL set on there, and watch the ML. Among many other things, it overlaps with an obvious .300 and .564. Hence the 78 (maybe 77.75?)





I also noticed another SL and set for that, and the upper // hits at the obvious .886 at 77.50, right in the general area.





It's splitting hairs to try to call these two areas, or to try to find an ES area even as small as two ticks, so in reality all this is one area, and it hit it dead on. I never should have said I was watching 78, instead I should have said 77.75 plus or minus a tick or two, but I really thought it might want to hit that ML dead on and quit right there for the week. So, that's one of the things I was watching for that mystery area...


Charts created on QCharts, courtesy eSignal.