We began last week right above the ML of the downsloping set anchored at points B, C and D of our bearish ABCD and we finished the week right above the lower ML of this set, while bouncing exactly off it on Thursday:





Notice the line convergence at 1000-1010 level. This is why potential break of the last low should result in acceleration of the move to the downside.

Very key set line here. If it blows this out to the upside, that's a big clue.

Wow, checked back right off the area in a small ABCD, and then exploded right through. Now up 17 off the low and rising fast. I guess I may have to pull an all-nighter like T used to do. This thing won't let me go to sleep...

I can't stay awake... Watching about 23-24 and 31-32.75 next. The areas depend a bit on when it gets there.

There's another new high...

So it is now 25 points from the low with the biggest drawback of just 3 points. This doesn't look as a healthy uptrend.

Interesting area for a first real test of the new uptrend:

First test at bearish TD ABCD passed with no problem, here comes the second one at EXP ABCD:

Jarek, thank you for your great charts.

Opening Gap today on the 5 minute RTH chart.
0.886 Fibo Retrace on 5 minute GLOBEX.
Kane Pattern-Line-Fib ABCD completing at a 0.382 Fibo Retrace.
I got a bit of this, but I still am exiting too darn soon!

Good Trading,

Al Kamego

I wonder if this little bearish 'W2' ABCD we just had all coming off jarek's area will be the start of something? Nah, this can only go up, right?

ABCD in a BC leg of a bigger bullish ABCD? Can this market go down? I don't see how, it only goes up, right? 35.75 points off the low just from last night. Alas, this is a nice ABCD to take out jarek's pristine setup and ramp up even higher. Sounds like a plan, as they say. I hope my meaning is clear (study what I have been saying, and try to think about how Jim likes to explain things, as your first thoughts may not be the ones I am thinking...)

Look at crude here on a low tick chart.

For me it was a clear 3D right into one of my key downsloping lines:





Time for a well deserved correction tomorrow