Here is the update of few charts from last week.
DJIA still respects the upper ML of Roofer's The Trade setup at March bottom:
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jimkane
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Yee-haw, I love it. The DX bursts up over the area, and the ES rolls. I have three lines on the DX here, in a small range. One is now surpassed, two sit right overhead. So, it may just be a last burst there and it really rolls, but that was fun to watch. Let's see from here.
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jimkane
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Time to crush the DX? I'll stay long side bias ES for now, as it looks like it is ready to take out the key area I mentioned.
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jimkane
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Keep in mind this is close enough starting in here for a flat ABCD to start to have potential influence.
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jimkane
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Now the DB ABCD areas are next for me, 8.50 and 12-12.50, plus or minus the usual margin. Assuming the flat doesn't exert any serious influence here.
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jimkane
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Well, the flat did produce the average expected drop for a first push. The key clue is what it does when it bounces up here. I suspect straight up, but you never know... Normally I'd say the flat plays out here to the downside, but a Friday into the close ramp just gets the MRRD's crazy in the head...
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jimkane
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Waiting to see if they 'resolve' this at all, or close it right at a key decision point, like it did a few weeks back. This spot here could be a small 'W2' off this flat. A burst up to 1108 looks like 5 waves up off the low. It's acting like it wants to set new all-time highs in the Sunday night GLOBEX or Monday morning trading. They aren't ready to give that game up yet. A roll off this flat may change the game. Very important spot here, IMO.
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jimkane
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Posts: 33,089
Okay, so cash closed with no resolution, pinned to the spot that is the most ambiguous, then after cash they resolve it, surprise surprise, to the upside. Sunday and into Monday should be a lot of fun.
