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    JA
    jarek
    Rep: 94
    Posts: 3,474
    4
    (Edited )
    We have the biggest drop in 2 months right after the breakout to the new highs for the year:


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    (in fact only after preparing this chart I noticed that all the corrections on the way up were so similar in size...)

    In my opinion the odds are high that this was a fake breakout and at least the recent leg up should now be corrected. I'll stick to my bearish stance until the bearish ABCDs in the Kane Zone stop to be respected (and that might happen as soon as Monday night
    ):


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    JI
    jimkane
    Rep: 3,058
    Posts: 33,089
    2
    Did anyone see the almost endless bullish ABCD's on the daily charts on so many stocks? That's why I asked awhile back if anyone was dabbling on the long side yet. Notice the DBC exploding off the KZ and key line area, too. I suspect we are back to 'risk on', and up to new highs. I've love this to 'fail' and gold get under $1,000 and the dollar get stronger (nothing would please me more than trading more short side in the ES and stocks), but somehow, I'm just not seeing it...
    JA
    jarek
    Rep: 94
    Posts: 3,474
    2
    Well - major commodities are not looking that strong at all...


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    Click image for original size
    JI
    jimkane
    Rep: 3,058
    Posts: 33,089
    2
    Well, let's hope my read is totally 'wrong'. As I said, nothing would please me more than a total crush of the comms in here. And I'm not saying the stock market will go straight up here, it may well correct, perhaps off this very spot, making roofer's plays spectacular in here. I'm just saying I think they are likely back to 'risk on' again.
    JA
    jarek
    Rep: 94
    Posts: 3,474
    2
    In ES it was slighly different (than posted earlier) Schiff ML that together with the Game Zone stopped it dead on so far:


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    JA
    jarek
    Rep: 94
    Posts: 3,474
    2
    ... and since there is no hint of a flag forming here, today's vertical move should be fully retraced starting with the move to the green ML:


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    RO
    roofer
    Rep: 3,689
    Posts: 3,574
    1
    if nothing else, you have to admire the skill in taking price exactly to the geometry.....
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    RO
    roofer
    Rep: 3,689
    Posts: 3,574
    1
    one of jim's old favorites....
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    JI
    jimkane
    Rep: 3,058
    Posts: 33,089
    1
    Boy, I did love KLAC...

    Nice charts and work, roofer.
    JA
    jarek
    Rep: 94
    Posts: 3,474
    2
    It's good to have a tool that so rarely disappoints:


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    Thank you Roofer!
    RO
    roofer
    Rep: 3,689
    Posts: 3,574
    1
    hahaha!!!i hope i'm not disappointed......if the rally is coming... it should start now..... i have moved my stops down to lock in cup of coffee.....
    AL
    albert
    Rep: 99
    Posts: 3,094
    1
    Lightning trade this morning.

    Al Kamego


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