The developments of the last 2 trading days make me consider the whole rise from the post crash bottom to the last week's high as a W2 Kane ABCD:





Timewise it doesn't look good because it rarely happens in a zigzag that CD leg lasts 80 times longer that AB leg. But if it comes to proportions - it's almost perfect: AB and CD legs are nearly equal and whole ABCD retraces between .685 and .786 of the preceding leg down from the top.

Initially I thought that whole zigzag should finish at May 11th high. Now I see that high as a C point of a W4 correction in the CD leg:





The behaviour of the market in the next couple of days should help us jugde whether this interpretation is correct. This is rather important because in such case we should expect a drop to at least 1020 (1.272 external retracement of the ABCD) and probably much lower if W3 down has just started.

It's just an expression. Like, if you give money to a con artist, you can 'kiss it goodbye', or if you buy a lottery ticket you can 'kiss that money goodbye', and so on. Kiss it goodbye, it's going away. The market is here now, but shortly it will be way far away. Kiss it goodbye. KIG.

It's cool how I said 1100 was the area it wanted next, and we hit 1098.75 today. And those options were up around 400% I think it was at last look.

Thanks for clarifying. I always thought that there needs to be a line for a goodbye kiss :-)

Meanwhile it quickly reached the first resistance - our ML from yesterday right at x marks the spot:

We definitely have a shift back to 'risk on'.

Like I said, likely ride until close.

Ten minutes to Fed meeting minutes. When they want to buy, they love to use those as an excuse, hanging on whatever 'green shoots' they can find.

Notice the labored, overlapping swing moves on this up move.

All I see are numerous bullish ABCD that are well respected. Another one may finish at the spot below in 5 minutes:

All these overlapping swings and weak new highs could lead to a dump at some point in here...

Everyone read that last post, right?

Will this classic .382 EXP ABCD at the line hold?

I suspect a big run up in GLOBEX and a huge gap up over that line. We'll see. The weekends are getting longer and longer as the inevitable blowup gets closer.