We have a nice potential double bottom that could play very well into the usual Sunday night - Monday strength. This 100% retracement of Wave 1 of the move off our bullish ABCD doesn't fit well to the scenario of a really strong trend up starting here, but the move to the usual area off this ABCD should be good enough to deny all the Wave 3 callers right away:

jim looking at the proportion of this correction and in time what are the odds you feel a larger abcd plays out for the wave 2..?

Okay, time to rush it up???

Originally posted by jarek

I still have on my longer term charts the line at 1040 - the level which was so vigorously defended in May-June timeframe. Hard not to notice that this might be the same battle this time around:

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Yes, jarek, exactly.

Originally posted by EricD

jim looking at the proportion of this correction and in time what are the odds you feel a larger abcd plays out for the wave 2..?

Click image for original size

eric, if this is indeed a 'W2' and there are net sellers lurking, it would indeed be much better as you have it laid out.

Watch the little bearish ABCD here, in case that rush up was all it has...

Very interesting, huh?

In fact there is also possible scenario in which the last drop was W2 of the move off this triple bottom:

The ramp is upon us.

Very interesting action. Right to a key line, and then they roll it over. Ping pong, back and forth, line to line, no commitment. Just fascinating.

Just incredible. Right down to the next line, then up like a rocket. Look at the line ping pong.

Great work, eric, right to your area.