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.

And within less than a minute from that post...

Originally posted by jimkane

I'd expect this to make a move out of this 'congestion' very soon.

Great read Jim! We're currently breaking above the major ML of a big Schiff set, which was perfectly well respected by the CD leg of our big bullish ABCD:

First area hit. Waiting on more key second area.

There was a dual geometrical offset at today's low:



Sometimes you need to be careful with natural sets not to wait too long for the line to be perfectly hit...

Yes, jarek. You can see the significance of my second area with that downsloping heavier blue line. I have some other linework in there, and some Fib stuff, and so on. The ES is now in 'the danger zone'. But, I suspect it now wants to play out off that bigger ABCD, as much as it can. That should include a 'W2' checkback at some point, but you never know. The way the 'risk on' game is played, sometimes it is straight up to new highs. And maybe risk isn't back on at all.

To fulfill Kane's Law of Closing in Critical Areas they should get exactly to this line in the next 30 minutes:

Whup! There it is. Whup! There it is. The second area, as expected (04-05 is an estimate, the main line was just hit, as were other Fibs). Now let's see. Remember, my viewpoint is 'ride until close' mode, unless management rules say otherwise. This is the key area of concern for me, but it may just blow it out and keep going. Only the market can tell me that. No lines or areas I can ever come up with can tell me anything. Only the market can tell me something. I just try to listen extra hard when it tells me something at an area I find.

Careful in here...

As I am wont to say: let the scaling begin.

No claims, just my usual comment, to be taken as a 'Jim joking around having fun' comment, and nothing more, yet while still trying to make a simple point about what? Simplicity.

As usual, 'Too easy'. These guys never change.

yes, thanks jim

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