Here is this potential bearish ABCD looming over the market for some time already:





Unfortunately it can go much higher and still remain a Double Bottom ABCD, so the picture is rather unclear at the moment.

My next area (jarek's chart above) extends a little bit higher that his, up to say 89.50. It's within the reasonable tolerance, but I wanted to point out it extends a bit higher.

Reacting right off it... Now we see, CD leg or 'W3'.

I strongly suspect 'W3'.

Wow, does it 'see' the area. Rebuffed on a second try.

Third time's the charm?

W3 or not W3- that is the question :-)

Too funny, jarek.

Wow, what a muted response as it takes out that level. No real stops, no volume, no immediate follow through... Let's see if they come now.

would say odds favor a larger correction.

I am still intraday long side bias from that bullish 3 min abcd off that area..and in mangement mode...

That's my take, but it 'should' take that ABCD out pretty quickly. The pre-Fed inactivity is messing with this. Not only that, without some serious cushion (and perhaps even with it) I'd be hard pressed to sit through the announcement. Generally I don't like to ride out any key reports on short-term plays. I was hoping this would be done long before the announcement. But, I think the odds favor a blast up when the anouncement hits. Problem is the wild swings it may take in both directions before it starts the move...

roofer, do you have a list of the stocks that you track?