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...

Now we should get some clues. This is the 'backtest' of that key .685 TD line. For the bull case, it should rocket up off this 15 area. It's looking like it wants to roll over...

And that would have me viewing this last pop as another bearish standard ABCD.

But I think they will most likely come in here any second for another leg up. Keep in mind, though, I've been expecting bullish action for days now, and as I've said, it fails at every little bearish area it encounters.

Originally posted by jimkane

... 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...

Will this turn out to be prophetic?

They are just doing nothing with it. One ABCD after another, postponing every decision. Just nothing. That usually leads to a big something, which tends to be wildly unpredictable, at least from the standpoint of my methodology. If I have a bias I can play it only from that side and ride it out and see if it resolves that way, otherwise I can play all the small ABCD's, or stand aside.

What's cool here is that it looks like it is now rolling over and will get crushed. But this is where they will come right back in on a day doing what this day is doing. Then, one time, finally, they won't come in (in either direction, this type of day has no directional breakout bias, that only comes from the individual layout itself) and it will explode.

Originally posted by jimkane

...But this is where they will come right back in on a day doing what this day is doing...

And right in they come

Now, it is right back at resistance, and acting like an upside breakout is imminent. Is it, or right back down? One of these times it will explode. It really looks like now. But will it???

Upside breakout looks imminent...

Ba-dah-bing! Now recall 23-24 and the much more desirable (and less likely?) 27-28. But, it has to prove to be more than a false breakout, and also hurdle 20-21, too. And a false breakout is very, very possible.

That's the one.