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

Could this be a big W2 1.000 standard ABCD that took just 7 minutes to build???

Any sustain here on this sell, or will the nominal new low just snap it straight up, as usual?

Originally posted by jarek

...Some downside still left:

Not anymore - this setup is soooooo powerfull that even Fed has to succumb!!!

It sure looks like it, jarek. It fulfilled its objective by setting a new low below the A point, so we can now state it was a correct labelling. Now it is exploding up off the obvious area, but what matters is, does it sustain, or roll off the expected area. This is it, folks.

Originally posted by jarek

Could this be a big W2 1.000 standard ABCD that took just 7 minutes to build???

Click image for original size

That LOD was touch number five of an obvious TL. Watch the bearish ABCD forming here off the LOD, but I suspect that may be it, and a new high is coming fast. The ABCD is a big clue. Let's see.

It 'sees' the 1.000 ABCD at 87.50... But, will it turn it down for a real move???

I rather suspect not.

I think they want the new high for the entire move, and they want it bad. 90 is the key level for me. The bearish ABCD has lost its form and is no longer a pattern in my eyes. Watch 90 as the next line in the sand.

And yes, after being short-side bias off that ABCD jarek showed, I switched to long-side bias when that played out (to the 1.272 to the tick and my TL area). I am now seeing how it handles this area here. 89.75 hit, right at my line, so this is it. If it takes this out, I see a new high likely coming very fast, so I will stay on the long-side bias. This is a key area here.

Not a bearish ABCD anymore but nice geometry at Schiff upper ML:

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...