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.

That 74.75 might be it. I'm ready for a move here.

Watch 79.25, but I think this thing is 'gone'.

It managed to get back above the TL after bouncing off the 1.272 at lines:

Originally posted by jimkane

Watch 79.25, but I think this thing is 'gone'.

You have no faith at all that bears could achieve something more meaningfull here:

Originally posted by jimkane

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

Jim 100% IB you don't mean double correct...you mean at the IB High?

Perhaps I should have said -100% IB? That spot is 100% below the low of the first hour IB, RTH.

Originally posted by EricD

Originally posted by jimkane

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

Jim 100% IB you don't mean double correct...you mean at the IB High?

Technically, I don't like to even call this IB at all. It's really a one-hour opening range (I know, by some definitions it's the same thing), and I should come up with some KT terminology of how I use it. I use 50% and 100% of that range added to the high and low of the one-hour RTH opening range. So I should call it 50%, 100%, -50%, and -100% 60-min OR.

ok thanks..I take that into consideration when I am playing countertrend especially if I feel the high of the day is made within the first hour(give or take)and if it fails IB marginally and then comes back in I way those odds in my assessment of the reversal.

Well, 78.75 was it, within the range of my 79.25 area, and it sent it down. So, the 'gone' part didn't play out at all, as I fully expected the bulls to smoke that area. Now you see why I watch the key areas closely for clues. jarek's setup did essentially send it down, but one tick above the LOD, so the game is on. Now we see. I'd love some hardcore selling, but I'm just not feeling it. It does what it does, how I feel has little to do with the management plan I'd construct, but I can't imagine the bulls would give up after a new high for the entire move. On the other hand, the setups may prevail, and that will be that.

Originally posted by jimkane

Watch 79.25, but I think this thing is 'gone'.

yes agree totally...as there are various methods I am sure you know of by using that. I find it most helpful when I am weighting in the odds for a reversal to take place but the tell is usually the size of the first hour.

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...