The geometry in ES is also there:




The question is: will it reverse right here to give the Wave 3 callers some more hope or will it accelerate to the upside to deprive them of it straight away?

Yes, jarek, and that's why I was worried that little bullish TD at 1100 would send it up and over and spoil my nice setup.

Key .382 at 96.6 (that's part of my '97' area), and up it snaps. Let's see if that's it, or if it's just a bounce and roll.

Key report at the top of the hour.

So, right down to my next level at 95, and a bounce. But can they hold it? Is that it for the downturn? A 'W2' bounce now? Or up to new highs for the move? Or will the market puke 'em out like I want to puke listening to Obummer yapping away on TV, saying he understands American's pain and anxiety. Yeah, okay.

It's acting like new highs for the move are what it wants. If so, my first area for that is around 1105. But, it has to overcome this 'W2' area, and one key spot is right in here.

It bounced exactly of the ML of our upsloping set, confirming one more time its importance:

And I mean right in here. Let's see what it does. Big clue time if it smokes right through here.

Originally posted by jimkane

... Big clue time if it smokes right through here.

Is it because of this?

I suspect up is much, much more likely...

How could you ever be wrong?

Plus 9.50 now. Not too bad.