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.

But as close as this is to new highs for the move, you think they aren't going to try and shoot for that???

15-min ABCD in the DX (not that it will hold, who wants dollars..). Curious, since if it plays out likely the market will be headed down.

78 hit.

Originally posted by jimkane

Very roughly my areas above to watch at 78-79 and 81-82.

5 waves since that last bigger (slightly higher degree) checkback.

Kane DT completing at 0.382 Fibo, Trader's Dream, Kane 4PT completing at 0.382 Fibo, & a gap on the 5 minute, with a Spike Line, but no 0.886 Fibo on the 5 minute that I could see. There is, however, a 0.886 Fibo on the GLOBEX for the "5 min 8:40 bar." roofer's "beauty & simplicity."

Good Trading,

Al Kamego

Well, it's after-the-fact now, but I couldn't get any response from the website to post or even refresh a page. Funny, I had no issues on any other site. But, it appears to be 'back' now. I had a short signal on the 1-min in GOOG at a little over 613. Insane to short GOOG under any circumstances, huh? How it acts at the previous 611.07 low will be the key to see if it follows through at all. A move below (which I'd fully expect), and then a snap back fake trap would tell me a lot, especially that the short won't play out any more. At least that may leave some room before the entry trigger spot. And if they can't snap it back, it may have some room to run on the downside. Sorry I couldn't get this posted close to real-time, but there was clearly a forum issue.

GOOG testing 610 twice. If they get anything to push off of, it may rocket right back up.

GOOG explodes off 610, right to a DB ABCD spot. But, I rather suspect, GOOG isn't going to go down substantially off that. We'll see.

It did that cool thing where the first ABCD morphed into an AB leg, and it formed a bigger zigzag, and dumped. But to where? Right back to a TL. Although it could roll from here, it is not acting like it wants to sell any more. The 'upside' is that it moves fast and if it does give way, it may flush.

Now, why fight the insane uptrend? I would never recommend it, especially with monster stocks like GOOG, AAPL, AMZN, NFLX, PCLN, etc., but sometimes things get so ridiculously overdone, that it seems worth a shot to drop down and play countertrend as a pattern may be developing, especially if I think the market may be weakening. It is a very, very advanced technique, one I almost never post, because I think it is best to stick with the basic setups with the trend until one is very advanced at the methodology. Still, this one set up pretty cool, so I thought I'd post it.

Everyone who has studied with me knows why this play, as I set it up, was essentially over at the 610 area. From a management standpoint, if I really felt the odds favored a bigger flush I could construct a management plan such that some was scaled out on the bounce off 610, and some could be held, based on technical factors, to see if this correction clears it and sends it down. That's an approach I cover in extensive detail in mentorships (not trying to sell any mentorships with that comment, just pointing out is is an important enough concept that a lot of one-on-one time is spent on it).

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...