Here are two interesting long term charts of main indexes:






Isn't it amazing that what seemed to be a disorganized collapse reversed dramatically exactly where it should according to geometry??

I think the most likely scenario is chop until close, and the next, and distant scenario is that they do another leg down. So, I'll probably get fooled with my distant third scenario, they do some short covering. I think no one wants to hold over the weekend, so any longs would have to be short covering, I'd think. We'll see. I'm so tired now I can barely keep my eyes open, so I'm mostly just zombie-ing out here waiting to see if anything big develops. I have nothing left at all to do short-term plays at this point...

Sure looks like imminent new lows, which could draw some real sellers. But I think it will bounce like here at the .886 or .941, or something like that, as they play chop games. Still, my bias is short side, so I'll see what it does. But they have to come in here to fulfill the 'chop until close' scenario.

Originally posted by jimkane

Sure looks like imminent new lows, which could draw some real sellers. But I think it will bounce like here at the .886 or .941, or something like that, as they play chop games. Still, my bias is short side, so I'll see what it does. But they have to come in here to fulfill the 'chop until close' scenario.

"JIMADAMUS"

They love to play the same silly games over and over. Once you know the games you can try to work that into your plan.

I am reading these guys like a cheap novel. I'm all over them like a cheap suit. The only thing that isn't cheap is this market :-)

3:00 PM WHAT games now..hard flush and then viscious rally or DT to new lows..?

All I can say is if any real sellers hit this and won't let it come up after a breach of the LOD, it may get crushed. I suspect just chop until close, but keep an eye out if the LOD goes, as it 'should' snap up hard after it sweeps the stops, and then maybe move up pretty swiftly. If not, watch out big time.

This coil sure it tightening in here, though...

Thanks Jim...have a nice weekend.

1 tick from the LOD and up it goes... :-)

This has a pattern, though, that says it may break to the downside in here. Let's see what it does when it gets back to the downsloping price flow area. If it breaks up, the deal is off. It it rolls there, they may drop it to a new LOD for the close. It's obvious, though, and they are obviously supporting this, so it will be very interesting to watch.

geometry...

fyi, i took a portion of trade off at line from set... but i kept a portion on with wide stop equal to profit....we shall see...