Originally posted by jimkane

...the A point of that bigger bearish ABCD is a big, key area on the higher timeframes. So, it really comes down to if one thinks a bigger correction is at hand, or that was it and new highs are coming.

So we may expect stronger move either way in the coming week:

Thanks for sharing Eric!

Kane Traders knew they should avoid all shorts offered so far in the vicinity of the old high - the market responded now positively to third bullish ABCDs in a row:

clf has long been one of my favorite traders that i have kept to myself..... here is a peak