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:

where is price in the last dow stocks going to new highs?

Originally posted by roofer

j-you are the master at showing jim's work...

Thank you for your kind words Geo!

It may be breaking down for good now:




But we need to remember that it is in a very narrow range for the last few days, so all these might be just part of the noise.

r, Amazing!

Al Kamego

When there is a Kane Zone with lines on the way down, bears may always expect problems these days:

You may even try to see a standard bullish ABCD here, but it's not for Kane purists:

After taking out bearish KZ ABCD last week Gold is now breaking above an important line:




Maybe not everything is lost for bulls in this great bull market in commodities?

If this is W3 of the move off the ABCD, .447 simply has to be it:

Originally posted by jarek

If this is W3 of the move off the ABCD, .447 simply has to be it...

It wasn't and hence the drop. Notice how the same lines that provided support during Globex session work as resistance now:

Time for this to turn, or time for roofer to get paid, big time.

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....