Here are my lines for today:

... and here is the shorter term setup I'm watching:

So the .382 ABCD above failed pretty badly as usually great setups do

... and it may suggest that we are in W3 of the move off that big ABCD:

You guys don't see that point 2 there is a big 4PT, right back to the line that sent it up for point B? That's the driver, as it was for the last high. Two big 4PT's in a row.

Watch this area in here from 1200.75 - about 1202 or so. This is the 'big' area for this to roll down if that top is in, or to check back to then thrust up and over to new highs if that's the plan. Yes, there are some layers just above this, but here is the key area right now.

Originally posted by jimkane

You guys don't see that point 2 there is a big 4PT, right back to the line that sent it up for point B? That's the driver, as it was for the last high. Two big 4PT's in a row.

Are you talking about something like this?





I was not aware such 2 ABCDs in a row are possible. There is no trend preceding the second one ...

Well, T is the guy who pioneered this concept. He's studied range trading and multiple conjoined ABCD's. I prefer the strong trend preceding the ABCD's I trade, but T has shown there is a lot going on with ABCD's joined in ranges. Plus, the last 4PT fulfilled its move to a new high, so I see this as a possible continuing trend, even though it looks like range/congestion.

As far as this area in here, I am not counting on this rolling over, even though it 'should' be exhausted, at least temporarily, in here. There is just too much momentum and manipulation behind this thing. I am watching for long side management purposes, and if it does roll, I will then accept that flow. I just don't 'see' it yet...

Hmmm, stop run to the top of the area and then down? Again, I wouldn't count on it, but I'm surely looking at it as a possibility here. Likely it just gets gunned up again and again on all these little snap backs. But, let's see. It's set up for a fall right now...

... and that from a third .786 at a line from the same set in a row!

Jim and George - thank you for the compliments. Your efforts here have always been a real inspiration for me