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Let's see if the dark forces Jim has mentioned here so many times will really be able to counter the mounting downside pressure ...
JA
jarek
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So the line from my Friday's chart finally gave way with the close below it. We may also treat the last bounce as a return move and KIG to the trendline connecting major bottoms:
Let's see if the dark forces Jim has mentioned here so many times will really be able to counter the mounting downside pressure ...
Let's see if the dark forces Jim has mentioned here so many times will really be able to counter the mounting downside pressure ...
JI
jimkane
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Posts: 33,089
Well, although the USD is starting to bounce off this area, and the ES rolling down off an area here, I just don't see this lasting very long. The carry-trade dollar sellers are back full force, and the ES looks like it should bounce more, so I am wary of more short side here (except for small intraday plays). We'll see. If they can't move this up it is actually less likely an intermediate top is in.
ER
EricD
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beautiful Exp Abcd in crude up to the 1.27....15 cent risk to make 60..Unbelievable.
JA
jarek
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Jim - why do you think that strength here makes the internediate top more likely?
JI
jimkane
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jarek, because it has done a 5 waves down sequence with a nice structure, and needs a bigger bounce to 'balance' the action i.e. it needs a 'W2'. If not if may just climax all the sellers and be done.
JI
jimkane
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quote:Crazy, huh? Look at some of the earlier ABCD's too, and the trending moves off those. Just incredible.
Originally posted by EricD
beautiful Exp Abcd in crude up to the 1.27....15 cent risk to make 60..Unbelievable.
JA
jarek
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Agree - we may count 5 waves down, although the structure is not a textbook one ...
JI
jimkane
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quote:Well, I don't follow Elliott very strictly, I most look for impulsive and corrective, and the down move was impulsive, and has done enough bounces of the size we have seen on the way down, so that makes it overdue for a bigger bounce. That's really the main thing I see.
Originally posted by jarek
Agree - we may count 5 waves down, although the structure is not a textbook one ...
JI
jimkane
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Posts: 33,089
If they can sell this down in the last hour, which I really doubt, I am looking at 26 and 21 areas. But I think they will come in here, or just chop it. I think they want to crush the USD, they have that killer look in their eyes for it in here... Remember, the market is just a puppet for the USD carry trade. Dollar down, market up, end of story.