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.

Yep, pure price action and geometry.

This is moving nicely now off that 66.50, and I'm long side bias now intraday. We'll see. I'm not going to post the areas to watch here. Everyone can find them. I'll watch them and see what it does. BTW, the first area is right here now. But if that's all it can muster, that would be super weak.

We know what the odds are for .382 ABCD...

Yes, but don't forget this on is 'on support' (actually just 'potential' support) and against an opposing line set.

So the potential failure of this ABCD will "validate" the support here. But if it doesn't give way than it would be a big clue as well...

Ex-aaaaaacccccctttttt-lllllyyyy, jarek.

And notice how indecisive it is acting in between the two areas. It doesn't want to decide. This is typical behavior in my experience when stuck between two zones where the outcome has bigger ramifications.

Just look at the action on a 1-min! What HC^2 (look in the terminology section). Fantastic indecision. Like a trapped rat.

So once one side capitulates it should be run until the close?

With so little time, I would think so, and then into after cash. I can't imagine the move anything but up, given the need for some short-covering, but you never know. Take out an area as big as the one under this, and panic and dog-piling on may ensue.

It would be very curious indeed if it just chopped until close here, leaving it to GLOBEX/Europe to decide.

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