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.

Being very cautious around this 67.25 area. That might be it. Maybe not, but a big bounce may be at hand.

Originally posted by jimkane

How's that read on 86.25 area looking now?

JIMADAMUS......

Well, perhaps just another rapid sell and up it goes, but that area, 86-88, and up to around 90, just had a ton of things all coming together to support the huge ABCD's in everything (Euro, DX, ES, etc.), combined with insane bullish sentiment and the VIX so low, it was a high probability sell in my opinon.

if they can make it an outside day and bring it to 1160ish area...That is where I assume they might play alot of games...but management mode now each area along the way.

Any more selling today would really surprise me. It would be a pleasant surprise, but still a surprise.

Originally posted by jimkane

Being very cautious around this 67.25 area. That might be it. Maybe not, but a big bounce may be at hand.

It surely sees this potential bullish ABCD:

This guy knows all my tricks...

Originally posted by jarek

Originally posted by jimkane

Being very cautious around this 67.25 area. That might be it. Maybe not, but a big bounce may be at hand.

It surely sees this potential bullish ABCD:

Click image for original size

Watch this key price flow backtest at a .300 here at 72.50.

On $SPX we have this strange 3D we talked about yesterday:





The first downside target was met already

I think the next stop is that ML and area of the BC cluster there around 78. We'll see. It still has to get through this backtest and .382, as it has pushed the envelope of the lower part of that near the .300.

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...