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

Let's all repeat out loud 3 times:

"When great setups fail, they usually fail badly.
When ...
When ... "



...and maybe try to make some money on the other side ...

Isn't this a classic ML coil?



Does anybody know what usually comes after?

PATIENCE...

In case of $INDU the high was 1.31 points away from ideal .447 of the whole drop and a whole 0.31 points away from 1.000 measured move. We're talking extreme accuracy here:

Where is Jim?!? We are going for the world record in the number of posts in our weekly thread and he's not contributing today?

One more close up look with .886 in $INDU:

In fact the only thing that makes me nervous on the short side now is that ... all this looks so good!

Originally posted by jarek

Isn't this a classic ML coil? ...
Does anybody know what usually comes after?

Isn't it continuation of the journey to the next extreme?

Hey, jarek, try charting FXE for the RTH Euro, as that is the 'tracking stock' roofer uses to trade the Euro, I believe.

Originally posted by jarek

Let's all repeat out loud 3 times:

"When great setups fail, they usually fail badly.
When ...
When ... "

Click image for original size

...and maybe try to make some money on the other side ...

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.