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:

30.25... No sleep again for Jim. Glad tomorrow is Friday so I can get to bed at a decent hour.

I'm sure Jim managed to get out very close to HOD if he was not asleep at that time. It was exactly at important line shown here yesterday:

I'm watching for potential bearish ABCDs during this bounce from LOD:

This could have already been it. And we know what exactly are the chances for an .382 ABCD to take out the swing...

Originally posted by jimkane

So, I think this wants the low 30's area next. The way it is acting it will keep me up late again tonight as it heads there...

So, is 32.75 considered 'the low 30's' enough for everyone???

I could have defined the area, but I want people to do the work. Amazing how I found all three spots of interest on the way up, posted in advance, of course. And interestingly enough, it went right down to my most likely spot and stopped dead.

BTW, jarek, I think this sweet-looking 4PT will fail, in that I don't think this is going down any more today. On the other hand, if this very key area here fails (and that 4PT is set up to create that failure), it might really flush out. But, I think, it has sold down a lot already with only that nice but small flat on the way down, and they want to start prepping for the Sunday night GLOBEX/Monday up sequence. If they do sell it down, that may actually indicate a sea change. I hope they can do it, but I don't think the odds favor it right now.

Watch the 3-min TL here. It's obvious, but key. If it were going to roll down to new lows of the 4PT, this would be a great spot to do it from.

Originally posted by jimkane

... I think this sweet-looking 4PT will fail...

Yep - now it is my bearish 4PT against this bullish ABCD:





The one which prevails should set the tone for the rest of the day

You all watching commodities, and especially corn? Is that spectacular, or what??? I see lots of deflation... Yeah, right.

Well, one likely possibility, jarek, is that it chops until close, perhaps throwing in a small stop run down, and then ramps up a bit.

There was a great long term short setup in corn some time ago. This once again confirms the rule that when great setups fail they usually fail badly.

and so it goes