I wonder what are the chances that our "locomotive" will stop all of a sudden just here:



If it reaches this upper ML it will not only retrace the whole 2008 debacle, but also should get to this downsloping parallel on the monthly chart, which marked the 2007 top:




I simply don't see any meaningful targets in between...

Moment of truth:

Too funny, jarek. I was about to do a 'watch this GZ at key lines here' post, and saw your chart. If this fails, I'm watching 13 next.

Watch for the 1 or 2 or 3-tick fake out snap traps here at the low, as it approaches that 13. Then we really see if I got anything big with this bear setup.

13.25 hit. Now we see...

The classic lateral (horizontal) support at this level here is crazy. You know everyone is watching it. Will it cause an explosive HFT ramp up, or will they take it out in a big trap and then gun it up hard?

Okay, first reaction is the explosion straight off it. But...

You might be loosing touch Jim! You said 13 and it was 13.25

Notice the perfect SL hit, too.

But...

Originally posted by jimkane

Okay, first reaction is the explosion straight off it. But...

Okay, watch this 12.25 like a hawk. Huge clue time.

So, I heard that move up today in cotton took out the 150-year civil war high, and set an all-time high. Wow.