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.

Well, if you were bullish, you had a nice potential trade on that one.

Originally posted by jimkane

GOOG 1-min ABCD. Are you bullish here?

The ES sure looks like its intraday coil is about to unwind.

Now how prescient was that???

Originally posted by jimkane

The ES sure looks like its intraday coil is about to unwind.

And if you rode out the 4PT (or traded off that), you got a nice pop there.

Originally posted by jimkane

Well, if you were bullish, you had a nice potential trade on that one.

Originally posted by jimkane

GOOG 1-min ABCD. Are you bullish here?

Now, assuming it doesn't get '2-ticked' here and drop like crazy, the areas above I am watching now are 81.25-82.25 and 84.25-86. As for the latter area, it could be as low as 83.75, and the upper end is really 85, with one factor (not just another Fib) at 86. Think areas, not exact points.

I see Jim that you are going for a record in a daily number of posts

For me it looks like continuation of the move off our Friday's bullish flat ABCD:





Is this the last W4 before the final W5 propelled by Apple's earnings?

And there's the new high for the entire move since the August low.

First area now hit (some surprise that is).

Yeah, jarek, it might be a final push, but I rather suspect we are headed for new all-time highs. After QE2 will be QE3, and 4, and so on, until the S&P takes out the all-time high. Perhaps the entire system collapses before they can pull that off, probably, as I've said, as oil and food goes parabolic, which I think it is about to. And for that to happen, the DX has to get hammered, which I think it will.

Sure, maybe the DX ABCD, and Euro ABCD, will play out. Maybe the market and commodities will go down, and the dollar up, in the face of several trillion in QE, and promises of much more if this doesn't work (recall the Fed said it could see the upper end of its balance sheet at $8-9 trillion). And maybe pigs will fly, too. We'll see. All I know is, if I don't see at least 50 out of AAPL, I'll be shocked almost to death, leaving me to ponder the concept of 'priced in' and 'the market always looks ahead'. I think expecting 50 out of AAPL is the closest thing to free money as there ever will be. (As a side note, nobody should trade off this statement, it is meant to make a point only.)

Yeah, the problem with a market that only goes up is, one looks for the setup to get long, then waits until the close, and that's it. Very, very boring. Lots of time to just keep an eye on things and do nothing.

Originally posted by jarek

I see Jim that you are going for a record in a daily number of posts

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...