Major indexes hit last week 1.272 of the April - July decline. And they did it in a very interesting long term spot, as pointed already by Eric earlier in the week:





Lack of any reaction to the downside here would be quite surprising for me.

i will be watching this closely

Kane TD ABCD off GLOBEX lo completing at 0.685 fibo on 233 tick chart. Spike Line formed through Points A & C of Kane TD ABCD. Price rose off Point D, could not get above spike line, formed a Kane DT ABCD (1.902 fibo) completing at 0.786 fibo. On 55 tick chart, blue upsloping ML set had 2 price touches at 0.954 & 0.886 fibo, and, per roofer's 80% mod rule, price reached ML & beyond, but could not make it past spike line. Very nice divergence in 3-10 SMA Oscillator at Point d'& Globex Lo.

Thank you to all the wonderful Kane Traders.

Al Kamego

I'm thinking about the following W4 bullish TD ABCD in ES:





Maybe the current uptrend is already tired, but the current price action doesn't suggest yet that we are on the other side of the hill...

hmmmmmm.....

We can see on your P&G chart above that even the flash crash in May was right to the geometry...

Originally posted by jarek

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:

Click image for original size

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)

And yet we've been able to drop on our own to retrace the previous capitulation move to the upside:

ES can't afford to drop here if my yesterday's bullish ABCD is about to play out:

twm 1210.. large

Originally posted by jarek

ES can't afford to drop here if my yesterday's bullish ABCD is about to play out:

And it didn't, but this move up is very labored. Not that far to the "hill" though:

Last shakeout before the final climb or beginning of the problems for bulls?

And you, too.

Al Kamego