Is the move up that began on Friday a final acceleration to the 1330 area mentioned here couple of times? Or is it a start of something even bigger to the upside to finally convince everybody that this thing is never ever going to drop again? We'll have to wait to know the answer to this question. My personal opinion is closer to the second alternative, but of course I might be wrong. Some people say that the drop from May 2008 to the final 2009 bottom was an extended 5th wave. Such waves are usually fully retraced, and in such case the upper ML of the recent set needs to be met:

Let me say that I'd be surprised if they take it below this 30.50 here, but if they did, it might go into a nice-sized ABCD near yesterday's LOD. Just one scenario I am watching for.

Okay, there's the strong bounce off that 30.50. I'd be shocked if it didn't hold, as I mentioned. I'd expect new highs soon. Time to see if this is a BC leg forming here for that bigger ABCD, or the more likely moonshot.

Originally posted by jarek

... Will bulls manage to get to this nice spot in a small ABCD fashion?

Well - they do what they can:



It would be really interesting to watch, if they succeed fully

New highs just 1.75 points away... Well, technically 2.00 to set a new high.

Nobody minds, do they, if I'm just patient in here, waiting with my long side bias, to see how they resolve this from this spot?

RTH Chart with Trader's Dream.

Al Kamego

done

This drop of almost 10% in today's environment clearly shows the power of geometry...

Yes, imagine anything dropping in this environment. It's amazing. Great trade, roofer, but then again, most of yours are.

Another blasting new all-time high for the $MID. Russell another new high for the 'bulls#%&' market, and getting close to the all-time high. Not too bearish yet in my opinion.

rat 89 will remember this one....it is a rare day when i will short into oversold.... but the pattern repeats over and over.....rapids and waterfall... the key is the flattening right before price goes..under the cover of opex, the computers were using the patterns to get price to the correct strike.... something else.... i feel a wave four triangle of some degree just ahead... the down in many stocks can be seen as the ab leg of abcd's that i think the c will setup just as the triangle leg is set to go....