Here is the $SPX equivalent of our longer term bearish setup in ES:





The importance of the current market position is even more visible here, because Friday's high was exactly at the upper ML of the downsloping set at what looks as a possible 3D at the spike line.
If this breaks to the upside than we should witness an acceleration of the upward move, since there is nothing but air above:

I'm not confident this can get below my super-key area here, but it would be so technically pretty if this little bearish tick ABCD sent it down and through. I can wish, can't I? I don't really care what it does, I just want whatever it is to be technically pretty.

Yaaaaaaaaaaaaaaaaaaaaaaaaaaaay!!!!!!!!!!!!

Arriving at the destination:

So, the lower part of my 73.75 area got hit, with a 3D, which, as jarek showed, is an ABCD. Now we see what they really intend to do.

Notice how they like to set things up right as cash closes...

Our small bullish ABCD has 3 legs in its CD leg, which we don't like of course...

Yes, and I was going to comment on that. It's a tough twist to put on it to see that as some kind of ABCD in the BC leg. It fits best being an ABCD in the CD leg, and that more likely means it is not a CD leg. But one thing I am thinking, it may not be an ABCD at all (many correction aren't), but just a move down that ended with a 3D. I see that pullback and my eye goes right to the 3D, I don't even see an ABCD unless I squint. That's what I'm thinking.

Wow, look at crude go, up almost a buck since the stock market close, essentially straight up. And look at that ES, all of the sudden jumping up about 5 points off the aftermarket range low there. I think we are very close to a major crude 'breakout', which may start to lead things strongly upward. And of course this is all led by a sharp break downwards when the DX opened back up. That's, of course, a new low for the move there, and puts it right on the most critical weekly/monthly line I have, at the .786 ABCD. I think this is it for the DX. It really needs to reverse here, or $10 gas at the pump may be here sooner than we think.

The Euro also set a new high for the move, pushing up hard on its ABCD. So much for old 'Jean Claude' and his 1.40 is it on the Euro. Talk to me at 1.60, or 2.00. I am starting to think after all that the final crisis leading to the collapse of everything will be a dollar crisis.

Instead of all the currencies going together, the DX may collapse, we'll have hyperinflation, everyone else will be fine, and that isn't going to sit well at all, especially as we default on everything (well, we won't default, we'll pay everyone off with a fraction of one of our new $100 trillion notes). I'm serious, folks, we are standing on the edge of a 1,000 foot cliff, there's a stiff wind at our backs, the bank is starting to crumble under our feet, and we are feeling faint.

ES +6 now...

Gold 1380.30. Wow.

And there's the close, 75.50 was the high. I'd still say that's close enough, it finished a lot closer to my area than any other place it could have finished. And followed the lines almost like a script. Oh, and BTW, that was a positive close for the ES.