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:

And there's another new high... Yes, for the entire 'bulls#%&' market, not just the move. Look at $MID, just crankin' out the new all-time highs daily.

Here's my usual look:

Here's my surprised look:

Too easy... Same old, same old with these guys.

I'm being cautious to see if this 1-tick new high is a snap trap, or not. I doubt it, but I'm wary...

Being real careful in here...

I'm not sure if this is an ABCD anymore, but Euro sees the upper ML from a long term downsloping set and can't get over it at this stage:

Originally posted by jarek

... if this was a test and retest of the lower ML, then beware bears!

The warning was clearly there in Crude:

This is a major significant area for crude, at that recent low.

I forgot to post my note I said I would for crude. Here was what I saw a few days back. Crude was down a little, but heating oil and gasoline were smokin'. Brent was also smokin', at almost $105. There is a huge, unprecedented thing going on with oil. 'Real' oil is about $104. Only WTI is in the 80's. Almost every other variety, of which there are many (about 100 of them), is up to say $20+ over WTI. So, we think, daily, oil is in the 80's, when it is really well over $100. These spreads are at extremes. There are many articles on this. Here's one:

http://www.zerohedge.com/article/wti-stockpiles-and-spreads-hit-record-conocophillips-obstinately-says-not-interested-reversi

It's time to call it a week in my case. I'm leaving for a well deserved vacations and won't be back before next weekend. I wish you all great trading!

Ouch. No jarek, and his great chart posts. Well, have fun, you sure will be missed. We have some new people in here, but they'll have to study your older posts, and be patient for you to get back.

Originally posted by jimkane

Ouch. No jarek, and his great chart posts. Well, have fun, you sure will be missed. We have some new people in here, but they'll have to study your older posts, and be patient for you to get back.

Hi...I'm one of the new people....plenty to study here...

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....