Welcome back everybody! Here is my refreshed view of the current situation in ES.

The scale of the recent move up made it very improbable that the move off April's high is impulsive to the downside. Thus it should be considered as correction of the March 09 - April 10 rise.
The question remains if the early July low at .382 was IT if it comes for the whole correction. In my opinion the time factor makes it rather unlikely since it lasted less than 1/5th of the preceding move.
Therefore I'm looking for a bigger ABCD from April's high with its CD leg still to come. The BC leg of such ABCD should be an ABCD itself and that gives us few spots to watch on the way up. The first one is already at Friday's high:





We have a nice potential bearish TD ABCD right at .786 and X marks the spot. Interestingly the bigger ABCD with such BC leg would finish right in the 900 area, which was mentioned here couple of times...

Right up off the flat ABCD, but, again, struggling with this area. Very, very interesting.

Jim - could that be a 3D with the bounce failing to reach its first geometrical target yet, or was potential leg 1 too short for you?

Well, the proportion isn't bothering me much, but I only find 3D's to be useful when a good-sized trend precedes them, and hence they are proportionally small compared to that trend leg, and that isn't the case here.

Have you guys read anything like this?

http://www.tradingeducators.com/world-market-news/broadcast/edition005/

A very key area for me is coming in around 1101.25 - 1102.50. They are trying to act like that was the low, but that may be part of the scam. Right now it is at my current key area, with the high end at 99.25, and then the most important area mentioned first. Let's see what they do with it.

Well, so far, I guess it liked that 99.25 area. I forgot to mention the .447 also came in at 99.50, so it, too, was in my area there, I just had it on another chart and didn't see it when I did that last post. Now we see here if it was anything more than a quick push down and right back up it goes. Watch in here at that 94.75 area.

Originally posted by iso

Have you guys read anything like this?

http://www.tradingeducators.com/world-market-news/broadcast/edition005/

Every day on Zero Hedge and The Automatic Earth...

Okay, right back to my key line and .447, and rushing up strongly, as expected. Looking for that next key level mentioned above, which now also coincides with the current set and checkback areas. But first, of course, it has to overcome that recent swing high. And you never know, it may dump here...

Now look at this. This little checkback here is right to a key TL, for a near perfect 'backtest', and it 'sees' it. Watch how it handles this spot.

Now, do I think this area will reverse this? Not likely. It may, and I'll surely give the area a lot of respect, but the only thing that would surprise me is if the market doesn't take out that GLOBEX high before the day's end. I'm planning on a 'ride until close' day here. You can't beat the MRRD's and their games.

So, it topped out at 1103.50, with a one-tick program game, close enough to my 1104 area to say my post was 'dead on' (given the usual tolerance for an area and that I only post the appx. center in order to get the post out in a timely manner). It sold more than I actually expected (6.50 points), I guess it was some 'profit taking'. That checkback sets it up nicely for the next leg up in the Sunday night GLOBEX/Monday game.