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.

They crossed the globex open..into that area and the buying went crazy.

too freakin' predictable......

pullsback to the.382/line..

Originally posted by roofer

too freakin' predictable......

will it get to 92+- by the close?

back to back sharp moves call for modified schiff set....let's all get out the door at the medianline line... hey me first!

Play of the day:

It's trying to get that 20 points off the reversal. I love it. Setting up a big move for Sunday night/Monday and into next week. Anyone load up on calls?

yes Jarek ..but there was so many intraday plays...as Jim's play by play commentary laid out....but that one was sweet.

That's 17.50 points off that immediate reversal, and 18.75 off the ABCD. Not bad for 20 minutes. What a market. Vol is back!

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.