I continue to believe that the move down off our big bearish Kane ABCD isn't finished yet because it hasn't reached 1.272 external retracement of that ABCD. Therefore I still look for a potential W4 correction of that move in the form of a sharp zigzag. My downsloping warning line was breached on Friday but there is a downsloping set suggesting that Friday's high could have marked the end of such zigzag. There was a clear retest of the line before the end of the session so it looks quite interesting:

Originally posted by jimkane

Did you nail that spot or what, jarek? This is looking good.

I was away from my computer since the time of my last post and I am surprised too :-)

And straight up it goes...

Now a nice bearish ABCD here for continuation. Big clue time.

Second "stretched" 1.272 ABCD in a row or W3 up?

They want up...

Very corrective looking move up, though, not impulsive at all, like the down move.

Just goes to show you, no matter what they want (I think they want up so bad they can't stand it), if you combine price action (corrective vs. impulsive in this case) with an area, and cool things can happen.

Originally posted by jarek

Second "stretched" 1.272 ABCD in a row or W3 up?

Neither ABCD nor W3 but a natural set upper \\:

... and a chance for a nice 4PT at this line:

Look at how many times this thing has tried this level, which is the middle area of that sweet ABCD from the overnight that gave it the last leg down. They are 'holding' this area, and I don't think that's a coincidence. But if it gives way, then my 71-73 area may be next, and it gave back all the intervention move if so. But, until then, they keep defending this level.

traders here know i trade a stack of charts in groups of ten to look beyond the indexes to see if the parts support a bias in the market.. especially before a big report i ask the cold hard question strictly based on the geometry...'' is the geometry of sell or buy in place on the previous days close.. so that no matter how ''good or bad'' the news, the computers already know how they will react?''then i ask after the initial reaction on the open'' does any additional geometry, usually an 886 on gap at line, support a continued push all day in one direction...?''here is a glimpse of my charts... note KLAC is an old favorite of jim's... the dbs was just waiting to blast.