For the next 2 weekends I’ll be out skiing so I would like to show some updates of the charts we are following here. First of all we may be certain that Ending Diagonal on DJIA I was showing here many times was finally completed:



The behavior of the market after completing an ED was a textbook classic – free fall to the base of the formation. And since Ending Diagonals can either be wave 5 or wave C of something bigger, then the recent selloff simply has to be a start of something more serious to the downside. Maybe the MLs of our 2 DJIA sets which in my opinion are still in play could be next targets?

And finally the first thrust out of the 4PT was corrected by a Kane ABCD zigzag:



Was it a Wave 2 ABCD? We shall see very soon

In the meantime AAPL broke Schiff ML support and continues to fall off that .886 after the gap yesterday:



Good old .886 after the gap! It's already more than 5% drop off it in a couple of hours of trading. And all this right before the announcement of one of Apple's most important products ever... It doesn't bode well for the bulls at the moment

All Apple could do to the upside was a small Kane ABCD into the Schiff ML resistance. The drop is now 6% (2.5% in the last 10 minutes alone!) and counting:

Here's what I don't understand... roofer posted some charts, and everything is at all the lower areas. I mentioned a monster daily support setup. Yet not one 'all in' call, not one post of the bullish area. Lots of posts, all of them great for short intraday plays, but read MTAC, they are shorting right on support. And to make matters worse, if this 'works' and this is one of the rare times when support breaks from a smaller pattern, the absolute wrong lesson is learned.

Originally posted by jimkane

... And to make matters worse, if this 'works' and this is one of the rare times when support breaks from a smaller pattern, the absolute wrong lesson is learned.

Should I refrain from posting setups for short intraday plays at a time when we sit on long term support?

Everyone can feel free to post whatever they want. But everyone, not just jarek, should understand that when I see things that are relevent to the methodology I will post them, every time I see them. Otherwise, I do a disservice to everyone reading the posts. My not saying something can be taken almost as an acknowledgment that the post lines up with my opinions.

Post whatever you want. But understand these smaller setups are fighting key support that may or may not hold. We don't know yet. But to take these setups on support requires a premise of 'the support won't hold, I don't think', or 'there is a little room to run to fully hit support and I can still get the reward/risk I need for this setup'. But a premise of 'there is a smaller bearish setup on support so support likely won't hold' is not a valid premise, in my experience.

So, I suggest when someone breaks a KT rule (in this case shorting on support), the premise for doing that, a premise that is in line with the KT methodology, should be explained or included, or if it is not, expect me to bring this to all the other readers' attention. This isn't directed at jarek, this applies to anyone whose post I read and see something that needs to be mentioned in order for the methodoloogy to be understood properly.

ES now 13 points off its low...

Now, speaking of AAPL, did anyone notice the low on the 22nd was a DT ABCD? Or that today's low was, within my level of tolerance, an .886 gap area, at key support, with a 3-4-5 sequence into the area? Up about eleven dollars so far, pretty much straight up. Not at area or 'context' I would want to be unaware of.

Anyone see, on say the 60-min all sessions, how that quicky Fed plunge on the ES fromed a 3D into the support area? Understand, I agree this may not hold, it may keep selling and selling and selling with no bounce in here, or no run to a new high, but I still have respect for such a clear area. I'm confused as to why I haven't seen a single post applying the same linework I see all over this forum to the current pullback.

Maybe people don't understand the concept of 'top down' assessment? I start with the weekly, then do daily, then do 60-min, then do 13-min, then I have 'context' for playing a 3-min setup. Despite what it may have looked like in MTAC, I need a lot more than a 13-min for 'context' for a 3-min setup. I won't even trade a 1-min chart unless I know exactly what the weekly and daily charts look like, and how the thing is positioned. This lack of top down analysis in here is a major issue.

Notice the 3-4-5 sequence on AAPL into this area. Clue time here, big-time. Watch this little potential ABCD.

This GLOBEX action is just incredible. Can't say I like the idea of sleeping from 2PM-8/9PM (or in two hour blips, or not at all...), but this action is just insane. Down about 9 points, up about 5 points, down another 9 points to within less than a tick of the 1.272, and then up over 10 points like a rocketship. And it's only midnight pacific time! This is just amazing!