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

Originally posted by jarek

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

They went through it with a vengeance:

is the big dog trying to tell us something?

Great chartwork, jarek.

Yeah, roofer, if the big dog lets loose here, that layout looks ominous.

That post was at 15:54 yesterday. The high, at exactly 120-115 basis Mar, was at 15:45. At the time of that post it was trading about 120-07, or about .14 points below that high (in other words, it had barely moved down when I posted that). It dropped over three-quarters of a point off that high. Amazing what a small, little 'flash', a 'vibe', can tell one. Keep in mind, my main use for that kind of information would be for management of a long side intraday play on that explosion up.

Originally posted by jimkane

I would say yes to that. The only thing is the ZN just gave me a hint, a little flash, that it may be done (for now) at that 120-115 high there. Probably not, but it just flashed me this 'vibe' that it may want to come off that high. We'll see. It's just something I'm alert to.

ES acting like it's done and wants to go up now. Let's see how it handles this first critical area.

Curious how the ES and the ZN (as well as crude) are all rising in tandem. Very odd.

Watch crude on a tick chart right in here.

Watch this little bearish 1.000 ABCD in the big dog, hit to the tick. It produced a typical reaction, but it needs to drop, or bounce and roll. Any strong reaction up from here is a big clue.

Okay, it took the ES awhile to overcome its area (which stopped it dead, as usual), but now they are coming in with volume. It's at the next area in here. We'll see. Notice the big dog did what I expected, and exploded up over the bearish ABCD.

Watching it closely here:

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!