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 ):

Let's see...

Jim,

Sorry, I was not paying attention. The only scalp buy possibility I saw was a Kane Fib-Pattern-Line completing within a tick of 0.564 Fibo. Still paper trading, though.

Good Trading,

Al Kamego

And it was...

Originally posted by jimkane

That does appear to be it.

Keeping an eye on 69 next. Since the lines moved down, it's not 69-70 any more, it's more 69. But if this really gives way, all bets are off, it may really dump.

Watch this immediate 1.272 here.

Wow, just about 4 points off that 1.272.

Will the history from earlier today repeat itself?

Ain't that something, they chose that 1.272 to end it on, not the much more technically pretty 69 area. That's just the way they play the game sometimes.

Yes, it will be interesting to see. I suspect this is going to go up for a bit now. If not, your layout sure has some nice possibilities.

Originally posted by jarek

Will the history from earlier today repeat itself?

Click image for original size

Okay, hits the primary area at 78 to the tick. Now we see.

Lightning trade this morning.

Al Kamego