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

That would be quite an achievement for the bulls, 50 points move in less than a week...

There's a blast to 1198.50. Like I said, they wanted 1200 bad. I think they'll have it in the early GLOBEX. But, where from there? BTW, the ES did tick + on the day there. Nailed that LOD right on with that area, huh?

Yeah, but we've seen them do 30 in a single day. This being an illiquid holiday week, and the strong desire for those areas, with the foundation laid today I think it is highly achievable. We'll see.

Originally posted by jarek

That would be quite an achievement for the bulls, 50 points move in less than a week...

Keep in mind, I'm not saying it will be done, only that I feel the bulls want it real, real bad. Unless the bears can come up with something after getting their heads handed to them today and totally losing all their gains (as measured from the Friday close), the bulls will be free to get to where they want to be.

Wow, the futures open down? How can that be? Must be another dip, and then up they go... The market only goes up, after all.

i made a post about bailing on my positions soon after my last post as i was getting across the board long signals... the post did not go thru........sds... we all saw that... note too how the 3li set up on indicator..... the vertical line on apc is one of the 4 that i look for that the computers love to hit,,,,

Strongest, most sound 'bull' market I've ever seen...

http://www.zerohedge.com/article/insider-selling-buying-ratio-approaches-five-digits-hits-record-8280x-week-ending-november-1

Great charts, roofer.

Quite a nice initial roll here, with that same lower high we saw at the recent top from the overnight. Understand, it won't break my heart if it rolls hard from here, with sustain. Just because I think the crazy, flush with cash bulls want higher real bad doesn't mean I don't want them to get an a#% kickin'. Like roofer, I love the short side and would prefer to trade it all the time if possible. I'll trade either side whenever setups come up, but I prefer and enjoy the short side much, much more.

in the madness we are living through,it just FEELS right to be short.being long feels like caving in to all that is wrong, as if it is OK to participate in the destruction of our society so that we can profit.

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...