We have the biggest drop in 2 months right after the breakout to the new highs for the year:




(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 ):

Originally posted by jimkane

... Just asking if anyone is playing any 'countertrend' plays in here.

Me not

Yes, jarek. Amazing they couldn't even get some 'W3' action out of that.

I'll assume we don't have any intraday 'scalpers' in here, based on the lack of replies to my question.

If they can get this LOD here, I'm watching 69-70 next.

Watch 72-72.25 for a 'snap fake', in case.

72 hit. Watch this closely.

Two points right off that 72, but weakening. This may imply some testing of the area and up it goes, or it may just break down. I realize that isn't very useful information on the surface, but watch how it acts here. Usually a 'snap fake' is straight up, without tests.

Understand, I don't mean this can't rise from here after a 'test', only that a true 'snap fake' trap reversal generally doesn't test, it just rockets up as the trap is sprung. If this were just a reversal area for other reasons it may behave like any other area.

Any move above that 75.75 and I'd be thinking that one-tick low was the low, and up it goes.

In other words, the same old game goes on, and they won't bring it up until they do their one-tick game first.

That does appear to be it.

Lightning trade this morning.

Al Kamego