Here is an interesting story. While writing the topic above I was thinking about what chart to show this weekend. Then I noticed that the second date is a palindrome or in some way it is 'symmetrical'. Then I recalled Jim saying that sometimes ABCDs like to be symmetrical around certain point. Then I started digging and ended up with the following chart:





We may see that the BC leg of our current bearish ABCD, which was an ABCD itself was perfectly centered both in price and in time around its 'hub of the wheel' point on August 17th at around 1082 level.
To share the same characteristic the big ABCD should end on September 29th at around 1162 level. What's more interesting - this point is pretty well justified geometrically. Very curious.

And up it goes, right off my area, exactly as anticipated. But, does this choice 'W2' area here cap it, or is it heading for a new high for the move? We shall see.

Okay, watch very, very, very closely right here. This is it. Decision time, right now. I think they want up, but they have to 'prove' themselves, as jarek has been saying.

So my bearish ABCD was denied by a bullish 4PT...

Bullish TD, you mean?

Now, watch closely, as this pattern has now reached an area it could get hit at, the '1-tick' new high at lines.

I can't imagine they don't want to run this to set it up for an up Sunday night GLOBEX/Monday sequence. They are really PO'ed about losing the battle last weekend, only I think the fourth time in like 13 months. I don't see it being two in a row...

Bullish TD of course

This TD played out just to an obvious spot:

Exactly, and with it preferring line to line, setup to setup today, it's keeping me cautious. At some point it may start to trend strongly, or it may not. For now, though...

Could this have been a fake breakout above my downsloping upper ML? The move off the LOD doesn't look impulsive at all...

It may be, jarek. It doesn't look impulsive at all. But, I get the feeling this may get gunned up any second...

Thanks Jim. Have a good weekend!