Here is the update of my chart from last Saturday:





Last week's drop confirmed the big bearish ABCD from May 6th to May 13th. The minimum objective for the move off it hasn't been reached yet, so we should expect more downside in the coming week.
I'm thinking about the scenario of another zigzag ABCD right to the same downsloping line. It would alternate nicely with EXP ABCD from the beginning of the week and help to drive prices to 1.272 off the big ABCD.

The market was very quick to answer my question regarding rates:





The failure of this big ABCD means that lower rates are here to stay. But in my opinion it doesn't necessarily mean that long term deflation is around the corner. I even think that it simply can not happen in the current system with so huge amounts of social transfers. Under deflation those who live off taxes would be better and better off and those who contribute to the tax base would be worse and worse off. This is a vicious cirle that no country in the developed world can afford.

That's some nice analysis, jarek.

So, are we to assume your potential flooding crisis you mentioned last week has passed?

The situation is stable however the danger is not completely gone yet. The high tide will last till Tuesday. They are now evacuating thousands of people 100km down the river after the breach in the dike:
http://www.youtube.com/watch?v=Wgz7poaeIOc

If this would happen in my neighborhood, we would share the same fate...

Boy, if I'm not in here to post, or roofer or jarek don't show up...

Almost had a very nice Kane EXP BUY this morning at the open, but my IB data quit just as I was ready to enter. Drat! Anyway, I managed to catch a little bit of it.

Al Kamego

I still think my weekend's scenario is possible with this nice 4PT as a potential BC leg of a bigger ABCD:

Market looks ready to start a good-sized up move here, a second push off that nice ABCD it just launched off of. We'll see. It's taken so long to get started, I wonder if it has any juice for the upside. If it can't get going up, the sellers may sense weakness and pounce.

Your post came in, jarek, as I was posting mine. Yes, that's what I have, and the 'magnet' if my up move starts here. I'm rather surprised at how weak it is for a Monday, with an area like that calling it. That's a clue I am not ignoring.

There's the 'break'. Now, does it fade at upper lines and 1.272, or get moving to that magnet?

No comments, huh?...

Rolled off the 1.272 to the tick, into an .886 ABCD at a .382 and line, and up it goes, stalling at the HOD. Now we see if this little checkback sends it up and over, headed to 'the magnet', or if the sellers keep it in check. All I can do is take my shots, and react accordingly to whatever it chooses to do.

Jim I wish I was here also ,but was working. Jim maybe getting a private room where you can see who is actually in the room on a daily basis maybe better suited. At least then you can see who commits on a daily basis and for the ones that can't be there live for personal reasons(day Job, different time zone) can post charts at their leisure or per your request. They have software that a click of the mouse takes a screenshot and sends it directly to your room. As you usually point out with uncanny ability area after area, is it better to take a screen shot and point out the time frame you may see this on then describe it and have no response and only to refresh the forum a couple of minutes later with no response. Their can be rules in the room as if you make a comment and someone has a question but you are preoccupied with your own trading ,you flash a signal or icon saying you will answer when available. If you start to see the interaction is better and more questions arrive you may charge a fee. Your time and energy is money. I guess it is all what you want out of the forum and your members and how you want it structured. This is just my opinion to try to remedy some of the frustrating issues.