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.

They love that Game Zone in situations exactly like this.

Multiple tests of the Game Zone and no drop through. You know what that may mean. Be careful in here. I'm ready for some long side.

Keep an eye on the bearish 4PT right here, and the standard ABCD above. If they go (give way), watch out.

So, is this now a 'W2' 4PT here, or just chop as it scrapes along the bottom, and probably takes that bottom out since it can't get any traction?

Ready? Just in case.

I hope everyone was ready. Now, is this a bearish ABCD here with that 4PT in the BC leg, or is this a 'W3'?

Originally posted by jarek

... Below the Schiff ML at Kane Zone bears might feel really safe...

It should be of no surprise that a bearish ABCD reached exactly this zone and .447 was hit to the tick:

You see that 4PT completing at your 'c' point? That's the one I mentioned. That was good for a nice potential scalp there (more than a scalp, really, an 'intraday trend trading scalp').

Eric - what is the distance from the upper/lower ML of your brown parallels on your last chart above?

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