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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.
JA
jarek
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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.
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.
JI
jimkane
Rep: 3,058
Posts: 33,089
Did everyone see that the GLOBEX low at 16.25 was a 'W2' 1.000 ABCD to the tick, at a .786 and as a retest of the same key line from that .685 that sent it up last time? It doesn't get any better than this, in my opinion. Okay, just checking, for any of those that 'didn't see this coming'.
JI
jimkane
Rep: 3,058
Posts: 33,089
58-59 area hit. No surprise there. Somehow I can't imagine this thing doing anything but going way up. Is this really a CD leg here to send this down? Isn't a 'W3' a lot more likely? If so, it's got room to run. ES closes after-cash up 43.50 off the GLOBEX low ABCD, on the high tick of the move. Just insane.
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, as I mentioned in my last commentary, and noted on the books page on the website, I'll be away from e-mail and the forum until the end of next week. As roofer says, the inmates are in charge of the asylum now. I'll still be watching in here, but won't post. Let's see how you guys do without me posting endlessly. With jarek gone on vacation, and roofer not posting much lately, I won't actually be surprised if I check back after my respite to see my post was the last post... I may post a few times tomorrow as I try to rip myself away from everything but my own market work. We'll see.
RO
roofer
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i guess this is summer vacation. have fun jim and jarek..... after doing very well on the tza trade i was showing... i decided to take a few months off and do a monster castle like hand split shake job just 2 miles from my house..roofer is going roofing hardcore.... the really funny thing is the homeowner who treats all the workers with distain is a day trader who is ''not doing well''..........if he only knew!!! hahaha!!!!!
JA
jarek
Rep: 94
Posts: 3,474
Was it Roofer's turn date of 3rd July that helped the bulls to successfully rebuff the H&S pattern looming over the market?
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JA
jarek
Rep: 94
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... and if today's high is taken out, then we should have no more doubts who is in charge right now:
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JI
jimkane
Rep: 3,058
Posts: 33,089
What a surprise. The futures are up. I guess 43.50 points in one day isn't enough for them.
