Last week's decline looks like the first leg down of the move off the big bearish ABCD. And this first leg down isn't necessarily over yet...

as i said here at the beginning of trade, the geometry offered a swing trade, so i was willing to give the trade lots of room. except for two days,i was not even watching trade... simply had orders in market..... chart with how i think..

I've got a lot here at this 12.75 low area, so I'm watching to see if it can do anything off that. Otherwise, this thing is just still soooooooooooooo weak.

Watch the little bearish ABCD in here to get clues as to CD leg or 'W3' like behavior.

Here is what drove the decline to LOD and the place to watch the bounce off it:

If this can move beyond this ABCD area, I'll be watching 21.50 and 24 next.

Looks like this .786 ABCD at .382 could have already been it:

It actually hit the .886 ABCD to the tick.

Notice the bounce right where I'd not want to see a bounce if the ABCD is to hold. So, we'll see, but I suspect it is going up higher. That may also head it to my area in a new ABCD, the kind where the initial ABCD fools me and becomes an ABCD in the AB leg. Lots of cool things to watch for (including it just dumps right from here).

Originally posted by jimkane

...Notice the bounce right where I'd not want to see a bounce if the ABCD is to hold...

Why is that?

It's too far down, just two ticks from the 'Game Zone'. It's the area they tend to rush it to and then reverse it. Hence, it makes the initial move to this area, and that's it. But it looks so weak here it may just play out after all.

The downsloping // has definitely gained in importance:

That's the one.