Long term charts leave little doubt about the importance of the current levels:

S&P reached the highest level available for the large ABCD with DT ABCD in BC leg. Do you watch this area Jim or do you think we go straight to new highs?

BTW - do you receive mails sent to [email protected]?

jarek, yes I am getting e-mails there again (recall I had that issue awhile back where I wasn't getting anything). I will respond to any e-mails you sent me there, I'm just very far behind in my e-mails right now. I'll try to get to my recent ones today. Sorry, everyone who has e-mailed me :-(

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Originally posted by jarek

S&P reached the highest level available for the large ABCD with DT ABCD in BC leg. Do you watch this area Jim or do you think we go straight to new highs?

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jarek, I will sometimes watch the 1.272 ABCD if everything else I need (key Fibs, multiple lines, etc.) all point to it, but otherwise, no. In this case the primary supporting things were lower, so I suspect we are headed straight to new highs and beyond. That's not to say I won't be watching other more minor areas before those new highs and seeing how this reacts. I just don't see the odds favoring anything but new highs here.

I'd keep an eye on that big .886 area with some other things coming in around 90-91 if it gets there, but I just don't see anything stopping this shark feeding frenzy right now. I'll follow price action, but right now, that's up. If the USD heads for that big low and takes it out, it may flush a bit, and the market would then explode. Can you say 1,200/1,300 in a blink? Let's see if the world really wants the US to have such a big currency advantage right now, or they just talk a good game...

Okay, there's 89.50, that's close enough (90-91 was just the center of the grouping). Just staying long side bias in management mode, watching, but getting ready, in case. The odds seem slim it will do anything but melt up more, but I want to be cautious in here.

A burst up over this area should cause a trend move until close in most cases, based on my experience.

Hmmm, a nice little reaction right off the area. Very curious.

So, was that the tiny little obligatory sell off the area, and now up it shoots? Or will it actually do a little selling off this spot? Let's see.

They sure like buying more than selling, don't they?

No matter how he tried he could not break free...

Pink Floyd

Sunday night should be very interesting, with this trapped rat coil right in this key area. I hope everyone is able to put the work together to see this. It's an insane X marks the spot ABCD.