The overnight drop could be seen as CD leg of a KZ ABCD right to the lower ML of our upsloping set:

ES went straight down to our upsloping lower ML. Will it hold this time around?

Excellent, jarek. Notice the Euro TL, too.

ES did dump off that 1.272 and start of my lower area. That surprises me, that they couldn't push it any higher. So, I look for the next KZ, and get ready for the next leg up, until it stops 'working'.

I made the 'excellent' comment for your ZN chart, and didn't even see this bounced to the next page on another ES chart post you made. Hence, my roll over comment on that 1.272 was a bit redundant, since your chart clearly shows that. As you say, will the line hold it, or will it be some other clear area? All I know is, for me, it's up until the sentiment finally cracks this wide open and they do a part-day flush to clear it for another monster rally.

Probably will only take one sharp less than a day flush to balloon the short interest and change the record bullish sentiment to record bearish sentiment. That would free it up to run again. That's just my opinion on what is most likely to happen. I do have to say that once the new year starts, that may have the fake bid disappearing, so they can get lower prices to add on and start the next phony leg up. Lather, rinse, repeat. Same old, same old for these crooks.

What a classic behaviour:

Nobody responded to knocking from below and hence the consequence:

... and if this area gives way than the end of the year might be not pleasant for the crude bulls:

For me this is a bearish ABCD forming test and retest of the upper ML in the downsloping set. And all this at a retest from below of the upsloping ML which provided support for so long. Very important moment IMO:

Yesterday I read in a local newspaper a discussion of analysts all arguing that taking into account the time of the year, the only possible direction for a breakout of this 3-weeks long narrow consolidation on the Warsaw Stock Exchange is of course up:




I'm not sure whether such a long consolidation might still be a part of Roofer's chimney setup, but if this vertical rise from the beginning of December is about to be retraced now, than the turn of the year may bring a surprise for the bulls around the world (I don't believe we can drop without a company)

In ES everything according to the script so far:





If LOD is taken out, than we'll have confirmation of a W3 down. But such a climax selling into it may also suggest that this 1.618 of the ABCD could have already been it. We'll know soon.

Look at that ES finish!!! Drops like on rock on volume, they come right in for it, and they gun it up on massive volume to take out the key downtrendling TL, the HOD, the GLOBEX high, yesterday's high, and the previous GLOBEX session, all in one shot, to close it on the high tick! And they do all that with a total range for the day, including GLOBEX, of just 8.25 points!