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.

Originally posted by jimkane

Great chartwork and comments today, jarek.

Thank you. I try to give my best in here.

Trading 55.50...

Now trading 66.50, up 11 points from that low. Like it was nothing. I recall many days way back when the ES traded a 5-6 point range for the entire day. Now 11 handles in GLOBEX in a short while is nothing. And this isn't even the after Europe opens GLOBEX, this is the dead time.

Now up full 20 points from that Globex low straight into 1.000 ABCD setup. Clue time again:

Looks like robots have changed their working hours ...

Kane Standard Equivalent ABCD followed by a Kane 4PCP ABCD. The Standard ABCD Point D was at confluence of Fibo Retraces 0.886. 1.272, 1.00AB=CD, & 2 Simple Lines. The Kane 4PCP had a stop run, & even the stop run was a pretty Kane Standard ABCD with an ABCD in the BC leg.
Full moon.
Al Kamego

Look at that 4PT as the BC leg on that, Al, and see how that looks to you.

Originally posted by jarek

Now up full 20 points from that Globex low straight into 1.000 ABCD setup. Clue time again:...

Now up just about 40 points, and at a super-key line. But they are 'risk on' right now. This was exactly what I was expecting yesterday when I didn't think they would drop it off that sweet 'W2', and expected an upside blowout. They had to shake it out first, I guess. But I have an area around 1126 that it may want. If it keeps rising I'll frame that area out better.

Crude bearish ABCD here, but are we bearish on risk right now?

Jim, Is this what you described, 4 PC in BC leg? This is what I get.
Or is there a new 4 PCP, with origin at Point B, in reverse direction, completing at 0.786 Fibo Retrace.

Thanks,


Al Kamego

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.