There is not much to add to the extensive coverage of the recent weeks here. While looking for geometry of Friday's turn on the continuous contract basis I came up with the following picture:



We have an almost ideal .382 bullish ABCD here. Thanks to Roofer's findings based on thousands of examples we know that probability of taking out the high equals in such case 87%. What's more in order to hit Jim's target zone at the line, a pretty fast move would be required... We'll see next week if we are on the right track and ... in the right train

Just hard to believe we are some 30 points off the low. I'm used to working with those 6 to 10 point daily ranges...

Okay, folks, watch closely...

Originally posted by jarek

... They probably won't rest before reaching this upper ML

... and they didn't:

This second .886 in EUR failed already but test and retest is still possible. It's hanging on the ropes though:

Ex-aaaaaaaaaaaaaaaaaaaaaact-ly, as Scott over at Harmonic Trader used to say, drawing the word out real long.

Originally posted by jarek

Originally posted by jarek

... They probably won't rest before reaching this upper ML

... and they didn't:

Click image for original size

Checkback starts dead off the area, then they come in strong. Now we see. One last push, or just blow it out to the upside?

Originally posted by jimkane

Checkback starts dead off the area, then they come in strong. Now we see. One last push, or just blow it out to the upside?

They just checked in for that KZ DB ABCD:

83.75 high. One last push off previous 82.25 high checkback. Just sayin'...

Watch this 78.50 low very closely.

Originally posted by jimkane

Checkback starts dead off the area, then they come in strong. Now we see. One last push, or just blow it out to the upside?

Originally posted by jimkane

The next area I'm watching closely is around 81-83, but may stretch as far as 84...

a number of important stocks did not complete their geometry today. and they just sat there as the market rallied... NOR DID THE DOW, in the way i see it......perhaps tomorrow will sell off (to.886 on gaps) in rut, qqqq while the dow completes it geometry and makes new low.... INTC in particular looks vulnerable....if the pitbull is not ready to run, perhaps the whole market is not ready either.....

Practice work. I consolidated what Jarek did on the ES 15 minute chart. I'm only showing the last 2 days -- from where I left off on Wednesday.