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:

Oh, yeah, roofer, it sure could be. If it rolls off this ABCD bounce, they might toast it.

Sweet!

Al Kamego

Wow, I looked back at your post and saw it was 20 minutes ago. So that next 15 minutes already happened! What is interesting to me is that it didn't follow through and formed a small ABCD, but it is resisting rolling hard off it. They know if they let it go here, it likely doesn't have a prayer. So, they'll probably defend it. I'm just letting it play out, seeing if the short side bias can resume.

Watch this 92.25 here in case they want to do a 'W2' and up here, this might be the spot for that.

Yep... 92.25 it was. Now notice the potential ABCD here with that 'W2' ABCD in the BC leg. Is it an ABCD, or a 'W3'?

Right off the ABCD, line, and key fibs... But, will it drop to this expected area right here, and then right back up? I suspect so. That's what it does when it has a direction in mind (up in this case), but doesn't have a lot of commitment. It sometimes 'sees' every counter area, reacts to it, goes to the most likely area, then right back. Let's see. Of course, I'd prefer the downside follow through instead.

And that's exactly what it did. Right back to the most likely area to the tick, and then up like a rocketship, blowing out the ABCD.

Now is this an abcde here, or an ABCD with a TD ABCD in the BC leg? Perhaps down to the most likely area, then another ramp up to a new high for the move? Let the games begin. All I can do is come up with some scenarios, figure the odds, place my bets, and respond to what it does.

Originally posted by jimkane

Now is this an abcde here, or an ABCD with a TD ABCD in the BC leg? Perhaps down to the most likely area, then another ramp up to a new high for the move? Let the games begin. All I can do is come up with some scenarios, figure the odds, place my bets, and respond to what it does.

And, again, that is exactly what it does. The read is too easy here. Same game, over and over. Look at crude on say a 34-tick chart. Talk about accumulation. Up about two bucks on a near perfect straight line. Risk on, Daniel-san. Later, risk off, Daniel-san.

Now, is that it there? 99.75 the 'top'? Watch this little ABCD here for clues...

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.