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.

Watch right here at this 27 low. Watch crude. This is D-Day for them.

Potential bullish ABCD is breaking to the downside so this nice little bearish .886 ABCD was rather a W2:

Well, I know you grasp what I am getting at, jarek :-) I hope everyone else did before you spelled it out so nicely.

I am trying to get "Jim's drift" and figure this out. I do see some beautiful Kane ABCD sells!


Good Trading,

Al Kamego

Jim's drift is totally contextual, for a hint.

Okay, we are approaching the first potential bounce area. Let's see.

And like clockwork, here they come.

Pretty weak response so far.

A little more response, but notice crude just took a little dump down to a new low for the move.

Originally posted by jimkane

... we are approaching the first potential bounce area. Let's see.

Is this because of this downsloping upper ML?

.382 off the low, and 1.618 price projection of the 'W1', and the line you mentioned.

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





Time for a well deserved correction tomorrow