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.

Thanks for the note, roofer, that helps me understand how you are hitting them. Notes on your discretionary decisions are the most helpful to me, as I already have a pretty good handle on the technical aspects of the setups. How you make your decisions on things like entry are very useful comments.

Gold hits 1408, up over 14 from today's end of day low. Area totally blown out. Now, could this be a bearish DB ABCD? That is possible, again, but only useful if I were bearish on gold. I'd love gold to go way down, not only because it would make it a much better bargain to buy for holding for everyone, but also because it would imply inflation may not be imminent (or it may imply additional massive manipulation, but that's fine, if they want to give out much better prices for physical gold holders, great). Alas, though, I just can't see how gold could go down substantially.

more details- i trade the same stuff over and over....i usually know how i am feeling...well... i will trade alot... poorly few or not at all...i concentrate on finding.886 at geometry....there were plenty of moves yesterday to .886 but no geometry.and sometimes luck is involved. i thought i saw gap in cde, but in fact there was not...intc triggered on open but then closed gap.slap a stop in and hope for best

Originally posted by jimkane

... I would like to see an update to that chart, jarek, if you would please...

My area was totally blown out:





... only to see it dropping again ...

ES is still respecting the same upsloping set:

After this overnight 3D at spike line, the green ML did its job as expected:

yep. i showed this a while back

The problems of the bulls here might be understandable taking into account this bearish ABCD:



I'm far from calling it a potential W2, but maybe it needs now a bigger correction that this 8 points drop into LOD, by forming for example DT ABCD.

The problem for the bears, as I see it, will be the Fed meeting announcement shortly. I think they will hint at QE3, and buying muni's, and maybe some more MBS (since Pimp-Co is super long them, adding hugely recently, and the Fed tells them ahead of time what they plan to do). This could boost the market substantially. Just a guess. Hopefully not...

Really nice work, guys.

Probably just some OpEx thing.