Here is the updated medium term chart in ES:




Lack of at least a bounce here following Friday's bullish 3D right into such an area would indicate that something more serious to the downside might be brewing here. Breaking the rising TL from August low (thick blue line) would only confirm this.

old roofer is either seeing with lazer clarity or we better lock him up!!!man if he is wrong.... he is going to be really wrong...

jim -no comment either way?isn't the FAS chart a tribute to your methodology?

I think .447 has become a popular algo like .886:

Was this already IT?





They did it so fast, that it's difficult to discern legs in this ABCD...

Will it turn out into a Kane classic?

Nope. But it sees another bullish ABCD which formed right at a major ML from my longer term set:

Here is this longer term set I was referring to:

We are very close to new lows in Bonds and everything started with this fake breakout from the triangle I was mentioning couple of times:





It's difficult to assume that this 1.5 month correction was W4 of the move down. That might suggest that lower Bond prices could stay with us for much longer. And this mere .300 retracement of the first leg down tells us that they could be much lower.

This ideal .447 bearish ABCD will tell us the truth about Gold:

... as did a failure of our .382 bullish ABCD in Crude:

I can't refrain myself from quoting here a fragment of famous Polish poem for children - "The Locomotive" by Julian Tuwim:

"...

First a toot!
Then a hoot!
Steam is churning,
Wheels are turning!

More slowly - than turtles - with freight - on their - backs,
The drowsy - steam engine - sets off - down the tracks.
She chugs and she tugs at her wagons with strain,
As wheel after wheel slowly turns on the train.
She doubles her effort and quickens her pace,
And rambles and scrambles to keep up the race.

Oh whither, oh whither? go forward at will,
And chug along over the bridge, up the hill,
Through mountains and tunnels and meadows and woods,
Now hurry, now hurry, deliver your goods.

Keep up your tempo, now push along, push along,
Chug along, tug along, tug along, chug along
Lightly and sprightly she carries her freight
Like a ping-pong ball bouncing without any weight,
Not heavy equipment exhausted to death,
But a little tin toy, just a light puff of breath.

..."

Have a great weekend all!