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.

Okay, fake up then crush down, or fake up, fake down, then rocket up? Love those games.

I don't know what a 'boomer' is but I know that after taking out this bearish ABCD the way to new highs for the move would be open:

A 'boomer' is a Jeff Cooper pattern, basically a series of successively smaller inside bars (it's clear on your chart above). It's a form of energy coil, as it were.

So far we have the false move to the upside, and now an equally small move to the downside, both outside of the triangle the inside bars formed. Now we see if it is the fake and drop, or the double fake and up.

Okay, after the move down, it snapped up, back to the apex level. If it goes up now, it was a double fake out. Those tricky SOB's.

These aren't real, calculated odds based on research or anything, but I feel the odds are like 10,000 to 1 this breaks to the upside. Just a 'guess'.

Two hours of just nowhere, most of that in a three point range. Just amazing. And now it rolls back down to the low end of the range. I'm wondering if they'll do that game where they range it to the cash close, then break it out one second after cash. We'll see. I'm just hanging out to see what they do with it.

Hmmm, that feel of an imminent breakout to the upside just isn't there. I will say it looks weak, like it may break down any second in here. That may mean they want to sweep it down and then run it up (or just suck shorts in), or that it is going to break to the downside.

This is all just practicing my market reading here while I wait, bored, to see how this ends. I have nothing here outside of the bearish ABCD jarek showed, and based on the lack of a clean, swift trigger off the area, I'm not too interested in here right now.

Okay, as I get ready to post this, they turned it and it now has that upside explosion look again. They are gaming this so hard in here.

And crude is waking back up and heading to its range top as we speak.

And crude breaks to the upside. As an aside, I'm extremely bullish bias on crude.

Okay, ES now looks back to imminent upside breakout, as cash nears closing. Watch this.

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