The question is: was this already it, 1 day and 9 points away from our perfect 'symmetrical' target or yet it needs to reach the 1.000 ABCD regardless of the time factor:





This 3D at spike line might suggest the former, but if it breaks to the upside it might break the whole ABCD as well and go up, up and away as per Jim's scenario

Nice chart, roofer.

Everyone should look at commodities, today and the last few days. That is scary, and I mean scary, to me. Look at corn, wheat, beans, cotton, sugar, etc. Wheat up +60, lock limit. Corn up +30, lock limit, beans up +70, lock limit, soy meal, up +20, lock limit, cotton up +4, lock limit, sugar almost back to those insane highs. I'm not sure I've ever seen so many things lock limit up. And the DX isn't even crushed. Recall my worries about massive worldwide starvation... This is spooky.

That spectacular area higlighted with jarek's excellent chartwork is getting seemingly less and less likely, as the market keeps pushing up. Sure, this could be a 'retest' of the 63.75 high and the area, but I'd be 'talking myself in to' that scenario at this point. I'll see if they all of the sudden completely change their sentiment here (the % bulls is now getting extreme again), but it seems unlikely. Nonetheless, it is getting to where something has to happen. I suspect that something is a big upside breakout. I'll give the area a chance to work before I totally dismiss it. But, really, folks, downside? I just don't see it.

I don't think anything can stop this runaway train in here, but I am watching 61.25 in case, and then 64-65 (which it turns out is enough for a fake over, and then a dump, too), but I just don't see it... Staying heavily long side bias, in 'management mode'.

Just waiting for jarek to show up...

So, here's my fantasy. I call it a fantasy for good reason. It's something I'd love to see, but have little hope for it to play out.

The DOW just crossed 11K. VIX at a 5-month low. That 61.25 area is hit, and the market is reacting. My fantasy is the key setup shown in jarek's chart plays out, that was the 'retest', and this dumps wildly from here. My likely reality: straight up after a tiny checkback...

'Breakout' appears imminent.

This 'breakout' would likely want to get to 69 for a start. Like I said, I think this will rise until the election. Up for Sept, and up for Oct. How funny. Imagine if we follow the strongest Sept in 70 years with the strongest Oct in 70 years...

Watch this little 1.272 off that 1-min ABCD, in case it was a boredom push up, and that's it. I doubt it, but just in case, I'm being cautious. The market went to sleep, as usual, after two hours, and hasn't done squat since.

This is very telling that after the failure of our yesterday's bullish ABCD bears where not able to take things in their hands. Their really last hope would be this climax .786 W2 ABCD, but it would be difficult to count on such setup these days...

Too frickin' funny

Originally posted by jarek

Yep - very interesting finish to what looked like yet another day from "Reminiscences of a Grilled Bear"