Here is a close up look at my longer term ES chart with a natural set added, showing one more time the importance of the Friday low:




Failure to keep it would most probably mean that a larger corrective move off that upper MLs has already started:

Clue time. .300, little ABCD, at a line, and it sure 'sees' it.

So the little bearish abcd overcame the bigger bullish ABCD. We now know what is the direction, at least in the short term.

Exactly. Like I said, I'd be surprised if it didn't sell more, and it did.

Just be aware of the 3-4-5 look to this, and the next area, which is right here. I just watch areas as they are hit to see what it does with them. It sure looks like they want to visciously sell it.

Originally posted by jimkane

Just be aware of the 3-4-5 look to this, and the next area, which is right here. I just watch areas as they are hit to see what it does with them. It sure looks like they want to visciously sell it.

Sorry but what is 3-4-5 ? Did not find it in terminology post.

I just mean it looks like the end of an Elliott 5-wave sequence. Sometimes it doesn't have a nice 1-2 count to start it, but it ends like a 5-wave.

70 is a critical area here, folks, to see if this potential support area I mentioned may turn this, or just another bounce and roll.

There is some amazing geometry on the 1 and 3-min charts going on in here, but it is more than I could describe. If you watch those timeframes you should do a lot of work in here looking at this.

Another potential ABCD:





... although with 3 legs in the CD leg