Not much to add to what was already told here about the importance of the current area. One more think I noticed is that the recent high in $SPX was exactly on the upper ML of an important Schiff set based on Feb-Apr and Apr-Jul swings:





Friday's morning high could have been just a test of this line.
From how it all sets up we may assume that coming move in either direction should be strong and sustainable.

Now a little bullish ABCD, and watch it explode and follow through off it. Is that a clue?

Nope, after an initial burst it stopped short of the high, and is now chopping. Neither bull nor bear ABCDs were able to follow through. Very interesting. If this sells off the Kane Zone, it might move down. But, I just don't see much down with a little over a week before the election...

Pretty straightforward so far:

... and this might be the immediate destination:

Jim so your intraday premise is still bearish ....but in management mode waiting for any level for them to ramp it up I assume.

Today is the 7th day after the beginning of the consolidation. Will the history repeat itself with the rise today being a bull trap?

eric, that's probably a fair assessment. In 'the old days' I'd be very comfortable here because I'm still expecting that intermediate influence to come in, and to really move down. Look at the DX, it reacted to its area, the Euro, the ES, it's all set up for a big reversal. So, letting this breathe to maybe catch a big move, I'm okay with that. But 'nowadays' anything on the short side usually ends with a panic quick covering as the suitcase opens and another few trillion overwhelm the silly bears. So, playing early countertrend plays can be workable, I think, if the first areas are sufficient for the Reward/Risk, as they will most likely come in at the first opportunity.

Originally posted by EricD

Jim so your intraday premise is still bearish ....but in management mode waiting for any level for them to ramp it up I assume.

And the interesting thing is, that spot is the 100% IB.

Originally posted by jarek

... and this might be the immediate destination:

Click image for original size

Imagine, jarek, if they did the double fake and trap, and then this did start the intermediate-term breakdown from right here, after hitting my area with that 86.25. I'd be blown away if it did play out that way. I'd give that about a 1% chance of happening, but if it did, wow, what a cool thrill that would be for me. Just to feel like I put it to the bulls.

Originally posted by jarek

Today is the 7th day after the beginning of the consolidation. Will the history repeat itself with the rise today being a bull trap?

Click image for original size

Okay, what a place to close it, once again right on my area. How often do they do that? I still think the odds favor the bulls, but it sure would be nice for these technicals to play out and the big areas to send this way down. I can dream, can't I? I may take tommorrow off from the forum, I need a break, since as you can see, I tend to post a lot. If so, I'll be back as soon as I feel 'rested'. I may just watch you guys, but when I do one of two things usually happens: no one posts and there is nothing to watch, or, I just get sucked in and post anyway.

I may make a few comments today, for example, if/when this blows out my area to the upside in after-cash or in GLOBEX...