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

If all the bulls could do to defend the LOD was this 4-point shapeless bounce correcting only 23.6% of the preceding drop, then it is going to be a long day for them:





Or maybe there is a bigger bearish ABCD in the making?

I don't because every time I do I get carried away posting, and my attention is frequently drawn away from concentrating on the market. Once it slows to the afternoon grind then I can usually post like crazy and still follow it closely...

Originally posted by jarek

...this 4-point shapeless bounce correcting only 23.6% of the preceding drop...

In fact it could have been a bearish ABCD with TD ABCD in its BC leg:





But if this was IT as for the whole correction than immediate donwside acceleration would be required here

They defended the LOD fiercefully with the help of .886 and a small bullish abcd. I'll be watching the following bearish 4PT next:

If not this bearish 4PT then maybe a classic .382 ABCD?

First reaction to this standard ABCD which fell 2 ticks short of .382 retracement is encouraging for bears:

But just no sustain. Typical big move in the morning day, followed by insane chop for the rest of the day, which looks to have structure every step of the way, but yields no follow through, just doing counter setup after counter setup.

I think this thing just set itself up for a big up day tomorrow. I'd prefer not, but I rather suspect that is what it just did in the second half there.

I would suspect it will run up in GLOBEX and gap up, and then go from there. I think up +20, or maybe even +30, from today's LOD. We'll see.

I'm thinking it wants 57-61 ASAP, if not tomorrow then over the next few days. Just a 'hunch', based, of course, on the charts.

Too frickin' funny

Originally posted by jarek

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