Here is an updated version of my longer term bearish TD ABCD in ES:





It has some drawbacks (especially the impulsive look of the potential BC leg) but the decisive break beneath the rising TL should confirm it.
Otherwise the rise from early July low might develop into a bigger ABCD itself:

That's exactly what has been my guiding framework for today's trading. Now you can see why I was waiting to see if we got a strong upward acceleration. I was watching at the 'b' point to see if that was the end of 'W2', and then again at the area where it did reverse. Now we see what it does from here. If this is a 'W3' it should rise on the European open, and gap up for us quite strongly in the AM, and then rise rapidly from there. We'll see, as there is also some reason to suspect this area in here to just a bit up from here (recall my 28). A pop up to the immediate 1.272 and then a drop would fit nicely into one scenario I'm looking at (draw those 'rising wedge' TL's).

Let me throw the setup of DJI30. I use a bit different soft than most of you but let's see... Point C is a bit shallow but almost exactly at 48.6%. D looks interesting with Pitchfork lying almost exactly at CD leg.

Gao on 5 minute chart on OPEN. Kane Pattern-Line-Fib.

Good Trading,

Al Kamego

Actually, the gap just closed on the 5 minute, but showed up on the 2 minute chart.

Al Kamego

Just waiting for this upward grind to break to the upside...

Oops, as soon as I posted that I looked up and it started.

1.272 hit. I'm being very cautious here, until it can clear that.

Watching for my 28 level, and 30, and after that around 32-34. It's coming in layers in here, but this is the next key area for the higher timeframe. I'm nothing but wildly bullish, but I'll be watching in case they want to drop it a point or heaven forbid two to take some profits, and then right back up. It's amazing what a hundred trillion in liquidity, and some quote stuffing algorithms (which can raise the price of an issue without any buying whatsoever, see here: http://www.zerohedge.com/article/its-not-market-its-hft-crop-circle-crime-scene-further-evidence-quote-stuffing-manipulation- ) can do.

Recall the 6/29, and the appx. 2.5-month high, is at 1129...

Originally posted by ijon

Let me throw the setup of DJI30. I use a bit different soft than most of you but let's see... Point C is a bit shallow but almost exactly at 48.6%. D looks interesting with Pitchfork lying almost exactly at CD leg.

Click image for original size

Nice chart, ijon. I'm watching 10,800 in the INDU, as I've got a lot of things coming together there, in case this takes out your spot.

I guess they will have to be happy to close this near the high tick for the move, and right at the RTH HOD. I know I'm happy with how that coil play played out.