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:

So, did anyone see that 13-min ABCD in BP this AM? Trigger somewhere no later than 37.60. It's looking good right now...

Originally posted by jimkane

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

See how the reaction right off the ABCD was a big clue? Yet one more of the same exact game, and another new high for the move. Now with four pushes I'm much more prone to look seriously for a possible reversal, but I think this is building momentum. Recall yesterday when I asked the question about overlapping swings and corrective looking into an area, would the geometry prevail over the frenzy and the look from the price action like it was unstoppable, and what would happen? In that case, the geometry prevailed. But, is this a key area right here???

And back to a key .447 and up again like a rocketship. Same game, again. Over and over today. This is the 'easiest' read I've perhaps ever seen on a day. Watch the .886 area, which has some other things there, too, but I can't imagine them stopping this game today.

Another .447 and another new high for the move...

.886 now...

Did everyone watch that .886? Right off it, and back to the same old obvious area. Will it be different this time?

just going over the commentary Jim...great reads!

Originally posted by jimkane

Did everyone watch that .886? Right off it, and back to the same old obvious area. Will it be different this time?

And although it didn't set the new high off that expected pullback, or take out that .886 area, it did ramp straight up off the area, again. It does have about 11 minutes of after cash left, and could explode ten points like it was nothing, but how curious it closes essentially right at the .886 area. But GLOBEX is a long journey, so it could be anywhere by tomorrow AM. I still can't see anything but 25-30 points up on the fake jobs report, even though we all know, and the market knows what the fake number will be. How can the market react to something that is well broadcast and should already be priced in??? Yet I feel it will. Anything but big up tomorrow is going to shock me. But, you never know.

The answer to my rhetorical question above is that if the number is less than expected the gov will come in with an explosive ramp to stop any selling. If it is as big and fake as expected, they will come in with an explosive ramp to get everyone sucked in to the fake recovery story, so as to use their ammo in the most effective way. And middle of the road? The market will probably rally of its own accord on the 'relief' things are getting better and it wasn't bad news. Win-win-win is my read. Can't wait to see. Of course if some truly bad news comes out in the meantime, all bets are off.

Oops, there goes that .886 in the after cash, and that high. New high for the move. Same game still going, and super-critical .886 gap area taken out...

And the close on the high tick for the move. It repeated the same pattern off the low each and every time, in my opinion, all the way to the close. Nah, this thing isn't run by robots...

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.