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.

Right to the .382 to the tick, and dropping right off it. Now the same process is repeated. Dropping to where? What's it doing there? And so on. Lather, rinse, repeat.

I'll answer my own question. Drops to the .447, and rockets up off it. Now what? Lather, rinse, repeat.

I still need to make that post about my postings.

Nice strong closing action, preping this for maybe a huge up day tomorrow? I'd sure love to see them take out that 1,000 decisively, but you can't always get what you want.

Up 12.25 points off the low. Not a bad-sized pop. Note the EXP ABCD here now. But is this bent on going down???

Originally posted by jimkane

Nice strong closing action, preping this for maybe a huge up day tomorrow?...

Yep.

Not one single post, with action like this? Darn.

I'm watching 51 area next, and 58-59, if it can get past this key 45.75 area in here.

This is acting done here. Notice the big 3D on the Euro up a little higher. It will be curious to see if the ES shoots for a higher area or not. One thing I follow tells me any higher today and the odds favor continuation until close. Very key things in this general area.

Notice, too, how it reacted with an ABCD to that 45.75 area, before using that ABCD to do another push.

Okay, my 50-51 area is now hit, but this puts it over my area that indicates likely continuation until close, so this will be interesting. Maybe it comes back in here and then heads to the next area up. Very curious action, giving that 'done' look, and now a push to this key area, with a poke beyond the continuation boundary I have there. I can't wait to see how this resolves. But for me, from a practical standpoint, it's just management mode off any of the ABCD setups (of which there were many) until close or one of these areas actually does something substantial. High probability 'ride until close', in my opinion.

The going should really get tough for this up in this zone here. That doesn't mean it won't keep going for this last 20 minutes, and post cash, only that it would amaze me if it didn't reverse in here somewhere, or more likely, pull back strongly before another leg up.

If the upcoming key area can be overcome, the next levels I am watching are about (very appx. right now) 67-71, 84, and most critically, 96-98.

ES now just a few ticks from being up 40 off the GLOBEX low, essentially straight up. Just insane, those gov manipulators.

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





Time for a well deserved correction tomorrow