Looks like we may now safely concentrate on the upsloping sets instead of the downsloping ones:




The history likes to repeat itself and similarly to last year the July low at 38.2% was likely it. We still can't exclude a possible big flat that would retest that low, but Jim's scenario of "up, up, up and away" is in my opinion much more likely. In such case after a clear acceleration through the rising ML, the upper ML at 1340 should be the next target.

Originally posted by jimkane

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...

What an exciting day today!

If somebody decides that correction of some kind is needed here than this spot would be interesting to watch:




The thick red line is the rising ML from the daily chart above. It may be retested even if this thing plans to go to the moon soon

This pattern is so unbelievably reliable!

It never reached my area with the last correction and now we have this one tick new high right at the upper ML:





Maybe this is a good time to at least retest this rising ML. I somehow don't believe it will only be correcting through time going forward with barely any price drops...

The 'Kane Zone' didn't give way confirming some local weakness:

Kane Pattern-Line-Fib completes at ML & "X" marks the spot.

Al Kamego

Classic bearish .382 4PT with abcd in the AB leg. I would be surprised if this doesn't play out:

It did already at the time of my posting:

Good catch, Jarek.

Al Kamego

Thanks - it seemed to me, that they were somewhat closer. Must have been too tired yesterday...