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.

Was this small bearish ABCD a final KIG to our line?

Just one second (!) separated mine and Eric's posts with opposite views of the market. This is why trading is possible - somebody has to take the other side of the bet :-)

now comes back in and thrust up...still staying intraday long side bias..wathcing 72-74 for management purposes.

Yep - looks like you had this one better than me.

Last attempt at bearish ABCD and if unsuccessfull - I'll drop my short side bias:

maybe Jarek...but we had 3 little drive push into that spike line so it might just be an overthrow to send it back down..In Managemnt now and letting it play out..might have to eat soem heat if it is going to get "W3" like.

Good reading Eric! I've switched to neutral bias. I wonder if we won't spend the rest of the day in the proximity of our line ...

I seeing we are still in the IB...above the globex low at a key area..
trying to play intraday long for some short covering but know at any given time they can misdirect and flush all the complacent buyers.

Great posts and discussion, guys. Watch this key area here at 72-74, as eric mentioned. If they get over that (I suspect they will), I'm looking at 78-81 next.

Keep in mind, too, they have 'fooled' me this last week almost every time when I thought they'd have the juice to go beyond the first bearish area and it turned it down. So, here's a key area and again I think they will get past it. But I'm sticking with my read. I think this is way 'oversold' here and with all those tries at the low and no success, although that is bearish, may cause the bulls to get bold and see if they can get this up higher (which is better for selling). We'll see. If it starts to roll I'll assess that.

Is this area so important because of this?

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