As it turns out the Tuesday low was exactly at longer term geometry - x marks the spot formed by lower ML of our upsloping set and division line of a big Schiff set anchored at Apr-Jul decline and Jul-Nov rise:



The recent bounce reached exactly the ML of a smaller Schiff set and unsuccessfully challenged it 4 times already:




If the recent top was an important turning point that line should not give way in my opinion. We could have an answer as soon as the trading resumes in that matter

Originally posted by jimkane

Notice the lines in your last chart, jarek, around 1202-1204.

After the KZ is broken to the upside this might be the next destination

Okay, blowoff type move on the 1-min, with some volume, deep into the top of my last area. This is it, now we see if they truly do plan to shoot for that 1200+ area today.

Jim - would you allow for the following ABCD?

I highly suspect they want it, real bad. End Monday positive, after the 'big downside scare'.

Originally posted by jimkane

I highly suspect they want it, real bad. End Monday positive, after the 'big downside scare'.

First the screwed the bulls, now they'll try to screw the bears. Day as usual

The proportion is very poor, but technically it could be an ABCD. I'm more thinking this may be an EXP that overshot the C point a bit (last night's just over 1.460 high), and hit the D point dead on at the 1.272. That would put your ABCD in the CD leg (something good in an EXP). So, both patterns are far from ideal, but that may be the layout.

Originally posted by jarek

Jim - would you allow for the following ABCD?

Click image for original size

And that's what makes the EXP such an effective pattern...

Originally posted by jarek

Originally posted by jimkane

I highly suspect they want it, real bad. End Monday positive, after the 'big downside scare'.

First the screwed the bulls, now they'll try to screw the bears. Day as usual

Anyone notice AAPL and AMZN rising nicely off their ABCD's? And how about NFLX, that's a record new all-time high today, on a huge gap up. Speculation isn't dead yet...

Amazing how this last area stopped the ES dead, for this long. The DX is the key.

This is also a good area for the first leg of this bullish ABCD to finish...

So, note my comment below "...if it isn't a fake break snap trap, which looks like a 5-wave up to boot...". That was exactly what it was, a final push 'W5' over the obvious TL to draw in a bunch of suckers, and then they dumped it. What is really noteworthy (other than this classic sucker trap snap reversal) is that it went right back to the very same TL's that sent this up on the 16th (retested multiple times on the 17th), the 23rd (retested on the 24th), and the premarket today. After all those times coming off those lines (I have two TL's and a set line almost overlaid on each other), it finishes the day/week right there again. In many cases like this, especially in pre-manipulation Mar 2009 times, this line area would give way.

Notice, also, how the 4PT did send it down after all, but now this may be a 'W2' 4PT to send it back up. Given that it is at a key line area, I'd expect a possible bounce, and then perhaps back to that downsloping TL area. The key aspect to me is that it really already did a bounce, and timewise, on say my 240-min chart, the bounce and drop into the close was very fast, and doesn't indicate the immediate need for another bounce.

Hence, it may drop right down from here, even open on a gap down. But, when do we see a Sunday gap down and drop? And if we did, has it sustained even once in well over a year? Not that I recall. So, the odds favor another bounce here based on the Sunday thing. I want the important point to be clear here, though, and that is that it is coiling ever tighter between two lines here, and a break should be soon, as the apex is getting closer and closer.

Originally posted by jimkane

1200.50 in a nice last minute burst there, right to the heart of the key area, as expected. Can't wait to see what the open brings later today, and the overnight. Because of the time it went sideways, this last move is solidly up and over the obvious TL on the say 120-min all-sessions chart. This implies to me that (if it isn't a fake break snap trap, which looks like a 5-wave up to boot) it plans to run.

Originally posted by jimkane

Okay, I guess 97.50 will be it (pretty darn close to the meat of my key area) until GLOBEX opens later...