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.

Not without problems but green ML magnet prevailed. Bond holders should have some relief now:

Great charts, guys.

If the ES can get going and take out that key line that turned it down here after multiple tries at it, I'm looking at 40.25 next, and above that, 43.75.

You notice the key line(s) this rolled slightly off of? It puts in a small DT ABCD, bounces up a bit, then just sits. 7 minutes and cash closes, with no commitment, right at a key area. Maybe it does something before the close, maybe not. But it runs up, stops dead at the key line(s) more than three hours before the close, and basically sits there until the close. Very curious, that theory about liking to cash close at a key area.

And they make a push here, to close cash right back at the line. I have little doubt the line will give way and we'll see a new high for the 'bulls#$&' market soon, probably quickly in GLOBEX, but, again, a cash close dead on the most critical spot I could find.

jarek- the boxes enclosed the first 90 minutes of trading.... i had hoped you would say... 90% of the time, the high of the day or the low of the day or BOTH are in place at 11;00.. at that moment in time the computers factor that in....favoring the geometry in place at that moment in time....yesterday bearish geometry was in place at 11;00.... today bullish geometry was in place and price jumped....

Originally posted by roofer

jarek- ... i had hoped you would say...

I wish I could see it so clearly on my own... Still a lot of work in front of me

note the bigger geometry... the .618 at the low, the x marks the spot, the .886 on gap....

Simple Line ending at 0.886 fibo. Simple Line-based ML set shows a "roofer's mod to Tims 80% rule" at upper ML //.

Al Kamego

In ES there is also another line from much bigger set that may be the source of the current problems for the bulls:

Gold is still responsive to bearish ABCDs:

Probably just some OpEx thing.