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

Still dropping. Watch the GZ, and around 46 (but anywhere in the GZ here, actually). If not, then the key areas below the low are my next areas of interest. This action is just beyond the best that I could ask for. If those 'out there' only knew the KTK concept...

46 hit, now down over 10 off that setup. Watching in 'management mode'.

Starting to jump off 46. Multiple line convergence, key Fibs, GZ, we'll see. This may be having a tiger by the tail, so I'm not inclined to be jumpy in management mode in a situation like this.

Yeah, I used up most of my votes in the public forum dish-cussion.
So couldn't vote much today.
But the charts have been fantastic! Thanks jarek and rat and all the others.

Originally posted by jarek

I wish I had some more votes ... Will make up during weekend

Wake up all U index traders Forex is rocking about now. EURJPY 400 pip drop in half hr.

Latest on Nikkei, it may not open tommorrow

http://www.zerohedge.com/

Duane!!! Always love it when you show up.

ES reopens and swoooosh. 46 was just a little bounce, as I suspected, as 41.25 is hit, new low for the entire move. Crude dropped almost a buck and a half in a heartbeat, and gold took a nice dump. That yen situation is really something. You really have to wonder how this is going to hurt their exports. I guess right now this is repatriation driven, and having a strong currency will help them in their rebuilding. All those CAT pieces of equipment will be dirt cheap for them to buy at this rate. I do wonder, though, if the carry trade (is anyone actually doing yen carry trades when they can do US Nightcrawler carry trades nowadays...) completely unwinds, what effects that may have.

Jim, Hehe, I knew that you would not miss this action....

The only thing I'm missing is sleep. Not sure if I can top T's records for that, but I'm taking a run at it. Sleeping for a half hour here and there at the computer, with alarms set to wake me from that if anything moves...

ES rising hard, yen falling, are they intervening now???

P.S. I say yen falling because I look at futures contracts, not FX, so it is inverted. Falling refers to yen strength versus the dollar.

Yen gave back about half that rise already... Amazing volatility. I think that volatility is a reflection of a totally broken market structure with way too many carry trades and derivatives, and that makes it subject to massive instabilities and imbalances.

As as aside, who would have thought any country would have a monster disaster, and their currency would not only rise, but rise fantastically. When I think disaster, I think currency slide...

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.