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jarek
Rep: 94
Posts: 3,474
So we have the continuation of grilling of the bears betting for the big W3 down. I don't think it already reached the point where all of them gave up, so there should be some fuel left for the further rise after these games in the Game Zone:


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JI
jimkane
Rep: 3,058
Posts: 33,089
Darn, this thing won't let me go to bed...
JI
jimkane
Rep: 3,058
Posts: 33,089
Let's see if that 14.50 is it now. It needs a bigger bounce soon, and I know the rampers want to have at it. Watching what it does with this area...
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jimkane
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14.50 was it. Now trading 5.50 points higher. Tricky little devils, aren't they.
RO
roofer
Rep: 3,689
Posts: 3,574
my thought was this.. i was going to be home... either a swing top was at hand.... or if price was to move higher a larger abcd needed to form.....
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jimkane
Rep: 3,058
Posts: 33,089
This looks ready to take out today's (including GLOBEX) 3-min slightly downtrending TL over all those swing high peaks starting just after the European open. If so, it should run a bit.
JA
jarek
Rep: 94
Posts: 3,474
I have also an upper ML here with a clear trendline creep:


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jimkane
Rep: 3,058
Posts: 33,089
And 'thar she blows'. But, was it just a stop run because it is a boring, narrow range chop day, or will it get legs in here and keep going??? Time will tell. I just knew I didn't want to be on the short side of this as they prepared to gun it up.
JI
jimkane
Rep: 3,058
Posts: 33,089
I'm thinking they want 21 half or 24 half (plus or minus my usual grouping size, of course, on both areas). The high for the entire move from around 1040 so far is 22 half, and 27.75 for the move off the 1000 area. Notice, too, the same old sideways 'rectangle' action this is putting in (on the higher timeframe), like it has lately when a reversal area is being put in. So, higher timeframe I still think it could check back as part of that process to suck everyone in and crush them all.
JA
jarek
Rep: 94
Posts: 3,474
One could argue that this choppy sideways action in the last days was a bullish 4PT right to the 'Kane Zone' again. I wonder if it plays to 1.272 as it took place so many times recently:


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JI
jimkane
Rep: 3,058
Posts: 33,089
Here's what I am wondering. Is that a chopfest ABCD from where you have marked C and D? I would be set up as a 'W2' of sorts. That was the basis for my upside bias from the area of the LOD. It lines up well with many other supporting factors (lines, Fibs, etc.).
RO
roofer
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Posts: 3,574
and so it goes
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