Not only did DJIA hit 50% retracement of price and time right at the downsloping trend line from the top but it also reached the upper ML of a major set coming from Roofer’s The Trade setup at March bottom:



I lost this set from sight after reaching the main ML in May - it was beyond my imagination at this time that the upper ML could be reached in this move …

S&P still respects the main ML from a major Schiff set I showed here recently:

For the 5th week in a row Crude oil was repelled by ML from its major Schiff set. It sits exactly in the same place as S&P shown above:




Two completely different markets with different dates of major turns and different amplitudes of the swings and yet they reached the same line at the same time. Very curious…

Additionaly Copper just reached the line from a very important set:





And if it makes here an important top together with crude, we might forget about any economic recovery …

Great work, Jarek, and nice intermarket analysis.

Thanks for the great post Jarek.

Did some work on ES






Mats

Time comes from earlier correction and possible A-B leg in new
correction.

Mats

Wasn't today's move in Gold the final rush to dance in Roofer's classic BLT setup?

well it seemed the area that we were all looing at ..1085.25 in Es turned out to be a wave 3 after all..what great clues...Thanks JIM

today is the option expiration in Gold so anything may happen especially with 30500 calls at 1200...may we see some diving intervention today.

Eric, I know you saw the ABCD in CL early this AM that starting this entire move down, but did you see that one at 78.24 with the ABCD in the BC leg that sent this down over another buck so far? Wow, does crude trade nicely.

Third time was the charm, jarek. But with a 32.25 point rise off the low, I'd say the PPT MRRD's were out in full force, as expected. I didn't get much sleep, with a range since yesterday's GLOBEX high to close now of over 76 points in smooth trends!!!