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

i think of the geometry of this chart everyday... how it is setup for massive c wave down... how it did in fact break off the top at .886 on 5 on gap....if you have read joed's post at his blog on gold and didn't understand let me translate.... the geometry for a turndown is in place, the alternaive is the completion of a measured move higher... the shorter term geometry says it must go now or a top is in place..... why on the week of its high was the CEO of GG everywhere on the tube touting his stock? why was the CEO of CDE TROTTED OUT TO TOUT HIS STOCK ON THE FLOOR OF NYSE AS HIS STOCK WAS SPIKING?

Originally posted by roofer

.. i see the chart you posted differently as a 1/2 with a 3rd wave down ahead...

I agree that if this .382 bullish ABCD fails - which is a low probability event - then we may see substantial selloff indeed.

... and that would be its first test:

The intentions in EUR should be clear by now:



This .447 is not only a stock market phenomenon...

Crude is continuing its journey to the major ML as expected:

ES bounced very strongly exactly off ML of a Schiff set:



Short term geometry being respected so well may suggest that an important turn is nearby (our big D point?)

So far almost a classic play:

Did it just need to form a full abcd as W2 of the move off a bigger ABCD or is this a sign of troubles for bulls?

I took off the labeling since the retracement was very deep, but a nice 3D formed which immediately played out to the green line as usual:

... and a move to the upper ML quickly followed:



Those Roofer's green sets are simply unbeatable...

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.