This coil will get unwound after Tuesday's meeting. The question is which way?

Okay, big initial pop (on a tick chart) off the Game Zone and that inverted H&S spot. So far, so good. Let's see if they sustain it.

You beat me with the chart there, jarek, yes, that's the scenario I am describing.

OK - here we come with the second 3D double barrel scenario:

Looks like a complete lack of respect for the area above...

Wow, am I a happy camper. Great chart, jarek, showing the key area, and they acted like it was dog poop. I love it. Are they going to sell today and maybe a bit tomorrow so it is prepped for a big pop up on the news? Is that the plan? How will they get around the sell the news? By dropping it now?

Keep in mind what I said previously below. I may be expecting upside, working potential areas for it, but I was 'hoping' the trend down would keep going.

Originally posted by jimkane

...And yes, the 'ideal' scenario for me is that they crush this to dust on the downside...

For me it still has some room to the downside in the short term:

Well, this 78.75 is key in that a move below implies the potential for a trend day down (although there is barely over an hour left). This is the line in the sand for it to work its way back into the trading action. We'll see.

On the larger timeframe we now have two opposing ABCDs that formed a double top. That could very well be legs AB and BC of a DT ABCD or a Flat ABCD:

On the short term it's a climax move right to my area:

And the bulls win once again. They will win until the total collapse of the known financial system, in my opinion. Look at commodities. How huge increases in food, pump gas, building materials, etc. will help this recovery I just can't fathom. I think crude will take out the $147 high soon. I use the term 'soon' here in a relative way. Go back to the trend into $147, put that slope on it from here, and estimate the time. I think it will happen faster, but my conservative estimate is about that. But, this time $147 won't slow it down, in my opinion. Bern-quacke is getting exactly what he wants. Heads we lose, tails we die...