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.

This move started off anemically, fell hard off first .447 and yet it finds its way higher and higher. There are though a lot of hurdles on the way up and first of them was just hit:



And as Jim pointed out - is it possible for this triangle to play out successfully despite so many people betting on it?

i think the concept of Jim's comment on the most obvious scenario that every blog has posted is so important with the context aspect of trading. You can stalk the premise and just wait for the optimum setups.

You reached nice number of posts Eric - 447. Don't change it for some time

ES barely changed since my last post, but bulls better do something to reject this .886 bearish ABCD at line before they fall into troubles:

It was the first time in quite a while when the closest Kane Zone hasn't provided support in EUR. Time for a correction?

If we really are in big W3 up as per attached labeling, then this bullish KZ DT ABCD simply has to hold:



Otherwise this whole triangle scenario would be greatly undermined IMO

yes, thanks jim

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