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:

Hit it to the tick, but can't seem to get over it. But, still, it's a close at the HOD, with an early morning low. That usually portends upside continuation. Not the kind of action I'd expect to see if this bearish ABCD were going to hold. My bias remains strongly up for now.

Futures open up and prompty take out that RTH. What a shocker.

but as the tools work better and better on the smaller time frames... note what else closed near high of day.... the game is on....

Now we know why yesterday's rise off the low was so unconvincing - it was a part of a correction and not an impulse. And Roofer's DBS setup suggests that with 90% chance price will hit the downsloping ML before taking out the recent high:





I'm leaving for the weekend - good trading!

Pretty fast price action this morning. Chart shows Kane 4PCP & Kane Fib-Pattern-Line.

Good Trading,

Al Kamego

Nice charts, guys. Kind of cool how the main area I kept mentioning (although I did mention others, to be sure) was that 28, and the high was 27.75.

Nice charts, roofer.

Now, I just can't wait to see how they finish this. Once this tight coil breaks, it should really move. Given it's Friday, headed for the Sunday night GLOBEX/Monday thing, I'd expect a big rush up into the close. If we weren't in such a bizarro manipulation market I'd say this is a continuation pattern for more downside, but in this market, I'd be shocked if it didn't go up into the close, to set up the usual pattern. We'll see.

Has it started?

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.