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...

23.50 hit so far. Let's see if this area can slow it down at all. I doubt it. It wants one of those upper areas, I think. At this rate it may get to the higher of the two.

Didn't even get it posted and the area was taken out. Watching 27-28 next, and just staying long side bias, likely until close.

Well, let's see here. It hit 24.25 and started to check back. Let's see if this area is going to produce a reaction.

Originally posted by jimkane

... I think this is going to act like a 'W3' here...

Have you ever had it wrong??

Oh, yeah, many of my reads or premises don't play out. I'm always just trying to get a slight 'edge', as that's all I feel I need. Like finding a roulette wheel that is ever so slightly off balance. Then you try to exploit it over time.

Okay, it looks like they didn't take long to decide on that last area. Now I wait on 27-28 next, and then 32.75-33.75.

Just a note, I have a very critical line at 25.75. It is out by itself so it won't like do much, but it is a key line, so I'm keeping a close on on this, in case.

Since way back I felt this wanted that 27-28 area (most everything is at 28 to even 28.75). Then maybe the next level, perhaps in the after cash. But getting this close to 27 (26 even so far) and this key line here at 25.75, I'm getting super, super cautious here. I think it should run until close, but at this point it's getting 'spooky'.

Notice, too, the big .685 4PT in here, and how the more standard area falls in with the next level up I mentioned. But it may be done now here at this .685. It loves those .685's lately.

A beautiful finish would be a 'W4' pullback here and another thust up to the next level, to close at the full 4PT. But I think it's about to get toasted.

And yes, my long side intraday bias, from a management standpoint, ended as soon as it reacted off that area I called 'spooky'.

Too bad this is out of time. It's right at a nice 'W4' area here. After cash might be interesting. This is also very interesting because of the Sunday night GLOBEX/Monday thing, and the holiday weekend.

And before I got this posted, the toasting resumed It could still 'W4' from here, but it wouldn't be proportioned well, and it's about to get too low for that. This is a more typical 4 PT first thrust. How sweet is this? I just love this market and methodology.

That's the one.