This one-way market is already becoming boring. I'm more and more inclined to the following long term view:



The only question mark in such scenario would be whether it was already end of .382 W2 at July lows or if it still needs some more downside to conclude (and form a Flat or TD ABCD).
I agree with Jim that longer term all the permabears are going to be rather unpleasantly surprised.

Originally posted by jarek

... If all the bounce off it was this small ABCD at the green line - that would be very telling...

And that was exactly the case:

The recent low formed a possible bullish .886 ABCD at the spike line so it should now react at least to the upsloping green line:

Too easy! Today is amazing.

It was the .447 of the whole ABCD to the tick which stopped it dead on. Very telling again...

What a day! I love the action today. Not only a .447, jarek, but a nice-looking 5-waves up to it (look on the 1-min chart).

Does 30.00 launch it up?

Like clockwork...

Is gold starting to make a move for that 1350 ABCD? I hope so.

i have come to see that the most important step for trader if trying to trade a specific setup is to make their own collection of examples... there just is something about that effort that is important.you do not make it your own by studying other traders examples...today was invigorating... few gaps on open anywhere... THAT SAID TO ME THAT THE COMPUTERS WERE GOING TO PLAY A DIFFERENT GEOMETRIC GAME.AND AT THE MORNING HIGH,across the board the geometry was there....

Probably just some OpEx thing.