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.

Note, too, this area brings it back below the 200 dma, and a close here would be the first close below since it started closing above. I don't think they plan to allow that...

CME to start trading cheddar cheese futures. I might give them a try :-)

Yes Jim I understand that. There is a lot to learn and " Price action is king" in the PTA as you stated.

Thanks Jim

Here they come...

I still think they should sweep those immediate stops first.

And they look like they are going to try. Staying short side bias until they climax it or just simply start rising consistently.

Isn't this classic? A test of ML from above, then a test of ML from below and now on the way to its destination at lower ML:

Here we go. That line better do it, or it's 'flash crash' time...

That should produce the snap up, the volume spike, the area, the stops fully hit. So, it 'should' go up like crazy now. If not, that's a big clue.

I'll stay short side bias until it really proves itself, in case it crashes. But this has met the criteria for a monster bounce. Imagine it closing, instead, below the 200 dma, the day before the Fed announcement, too.

Originally posted by jarek

Isn't this classic? A test of ML from above, then a test of ML from below and now on the way to its destination at lower ML:

It didn't take much time to get there ...

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