ES is shaping up nicely for my new scenario, especially with the smallest Schiff set respected very well so far:



However the W4 triangle on the main index could have already been completed on Friday and in such case the usual Sunday/Monday procedure should take place from the start of trading.

Gold is breaking below its short term TL:



Time for at least a temporary 'risk off' in both stocks and commodities?

Small health check of the downtrend in ES:

i have seen pump and dump a thousand times, so i had this qestion

refusal to break bearish set suggests 7829

i hope joe will post his gold work at his site

Originally posted by jarek

Small health check of the downtrend in ES...

It went straight for a bigger check in which the previous bearish ABCD was just an AB leg. Hard not to notice that when the small abcd was exactly .447 of the lower swing, then the bigger ABCD was exactly .447 of the higher swing. Could it be just us here, who are aware of this number??

Originally posted by jarek

Originally posted by jarek

Just one clash and retreat??

And yet bulls managed to gather forces for a counter attack...

Bulls finally didn't make it to the battle field this time. Will it end up with an disorganized retreated in which they may got slaughtered?

I agree...all that noise of price creeping along the upper line contains information that pointed in both directions.....fascinating

Originally posted by jarek

ES behavior suggests that yesterday's complex action might have been just a test and multiple retests of this upper ML:

Click image for original size

In such case the major ML (around 1280 now and falling) would be the minimum target for the decline

yes, thanks jim

Originally posted by jimkane
Hopefully at least this leaves you with some understanding of my reasons.