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.

I don't know why, but I'm leaning towards bearish case these days. Here is another setup I'm watching:

1213.25, now trading 4.75. Not bad. Another area found and posted in advance. Recall what I said, that I planned to stick with it and see what it does, as opposed to play the smaller bullish ABCD. And who knows what it has in mind from here.

Now trading 3.75...

3.25, in the Game Zone, and an area where some things come together. So, I want to see if they can flush it and take out that DB LOD there, or will they turn it.

Watch the little bearish 1-min ABCD here for clues.

2.25, one tick from the low...

1200.50, new LOD and low for the move, and almost 13 points below that HOD area. Not too bad.

1198.25. I'm holding no resentment that I 'have' to stay up late and keep an eye on this.

Noice the 3D to a 1.272 at that low.

Another little bearish 1-min ABCD...

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