So, another Sunday night GLOBEX session way up, and another new high for the entire 'bull' market, as 1180 bites the dust.

Now, notice when this hit that potential support area I was, once again, ready to get back on the long side bias. And once again we are at new highs for the move. That was some 15 points ago already. My point is, my approach is to lean on the long side until it breaks. Will we see 1,400 soon? Maybe. Could that high tick at 1180.50 there be the highest price the ES trades at for the next ten years? Possibly. Anything can happen. But, what do the odds favor? Which way is the trend? Is the trend your friend? Do you say that, but then fight the trend endlessly? Me, I'm always about my saying: "I'm goin' with the flowin'"

Not a single post... And all this action, too. How disappointing.

Keep an eye out because the Fed is meeting right now to decide on whether to hike the discount rate or not. This announcement, which could come at around 14:15 Eastern, may rile the markets. If they hike (none say they will, I say they very well might), the market would likely drop quick and then snap up and strongly rally. The reasoning would be it further cements the recovery is in full swing. Look at rates and crude for evidence of that! It's not so much the idiotic rationale, it's that they want to rally, and this will be twisted into yet one more lame excuse to do so.

Nice Kane Standard Equivalent ABCD with Modified Schiff ML & lower Standard ML // line contact & support near the open today. This started out looking like a Kane 4 PCP BUY completing at 0.382 Fibo Retrace, imo. Ended up as a nice ABCD with an ABCD in the BC leg.

Al Kamego

Al! Thanks for posting. Yes, that ABCD near the open was the Play o' the Day. Another note on the ABCD in the CD leg deal breaker for me. It seems most are taking this concept seriously, but are looking at any three-legged structure in that CD leg as an ABCD. Note here the price projection into the completion area is over a 1.618. My cutoff for an ABCD is the 1.272. Beyond that it is acting like a 'W3' in my opinion, whether a 'W4' manifests itself or not. So I might see this as a 5-wave sequence where 'W4' never manifests. Finally, I actually see this as a nice ABCD with a 4PT in the BC leg, which then accounts for that first push that makes this look like it has an ABCD in the CD leg. Hence, it isn't an issue for that reason here, and that is the case many times with such a large price projection, so look for a way to include that into the BC structure. Just some thoughts.

Thanks for the comments. I think I understand them up to the “Finally, I actually see this as a…”
Oops, I must admit to mental sloppiness. I should have called what I saw initially, “a Kane Standard Equivalent ABCD” with an ABCD in the CD leg (not the BC leg that I initially called it). My mistake, I see & understand your comment about the >1.618 price projection of this smaller so-called ABCD.



Would the “nice ABCD with a 4PT in the BC leg, which then accounts for that first push that makes this look like it has an ABCD in the CD leg.” Look something like this ABCD?

Chart included.


Al Kamego

Hmmm, 2.75 point range for about five hours. Very exciting stuff. Got to look elsewhere for excitement after that first sweet setup this AM.

So, who thinks this range is going to break to the downside for a bit? Hands?

Steep sell into close?

:-)


:-)

jim- sometimes there isn't a whole lot to say... at thursday low,every index chart i had gave buy and not a one hit its target by the close....what was extraordinary to me was that the 3 shorts i had going, strictly based on the geometry, traded down today until they hit their targets given by the geometry. A testament to the tools..i am gone from all 3 as a target trader....(CF, POT, AMZN)

now i know, jim knows, we all know that the last launching .886 in QLD was another number... but i cant say that, so i leave it as it is.

came in from my garden and saw i got ''boinked''!after first swing down, i move stop to break even, willing to give them the comish...