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.

Someone's always playing games in this market... Lots of .685's today. Very interesting.

I'm watching 13-14 and 17 areas next.

In the meantime, this 10.75 area is back at my key line the ABCD rolled off of, as well as the 'W2' retest line, so this is key. Given the game playing retest of the A point within a tick (as usual) and now right back to this line, I'd be 'talking myself into it' to say it will likely roll in here and the ABCD continue to push it down. A reaction and then burst up would be 'normal', though, or just a burst up and over.

Kane Pattern-Line-Fib completing at 0.618 Fibo & confluent with a Trader's Dream, followed by a Kane 4 PCP completing at 0.382 Fibo.

Al Kamego

Whup, there it is, whup, there it is... 1213.

Boy, what an impending sell signal on the higher timeframe if there ever was one:

http://www.zerohedge.com/article/insider-selling-hits-all-time-record-45-billion-prior-week-everyone-getting-out-market

First area 1213-14, hits 1213.25 and starts to drop, right to the first Kane Zone, which is 'sees'. Now we'll get some clues.

So, about 12 minutes later, and it is just sitting on the Kane Zone. Right to it, then dead stop. Pretty cool, if you ask me, regardless of what it does from here.

Sweet. It bounces nicely off the Kane Zone, right to my key line, rolls over, takes out the KZ (Kane Zone new abbreviation) and drops to the next, main KZ, and clearly 'sees' that and starts to bounce. Now we see. That 1213-14 read was a nice one. I'll stay with that until it tells me it's done, given the time of day.

And yes, this second KZ was hit in a near perfect ABCD. So, it should rocket up off this and set a new high for the move if it wants the next area on the upside. My point above was that if I thought that 1213-14 area would produce more downside I'd let it play out and ignore trying to get on the long side, given the time of day, and that the bull ABCD is of lower degree than the 1213-14 area. If I thought the area would just pull it back slightly, then I'd not be on the short side, and would be ready for the ABCD and getting on the long side. 'Context' and time of day have a big influence on my actions in a situation like this. If that makes sense...

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