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

Lower level hit Jim says: "Too easy."

i expect tomorrow to be key day.....with hundreds of stocks hitting'' completed pullback levels''then we will have to see if it goes beyond.

nice play by play Jim...and it stopped at your key area above....inside day yesterday....should be directional big or outside...."Night Crawler Trading" tonight...

watching 52-49...first....

quick view....

panic selling into the first area...gold and silver hitting "Potential short term support"""..lets see how it acts.

Swooooosh! And that's why I let the market tell be when it's over, and why I never use 'profit targets' or take trades off at key areas simply because they got there. I let the market come off the area, back against me, and as it continues against me I scale. It's not for everyone, I know there are many target traders out there that could trade circles around me, but it's the style I chose, for me. And this was a classic case of why I decided that would be my style. I suspect that perhaps 90+% of traders are target traders, maybe even a lot higher than that. But, I always want to be different...

Originally posted by jimkane

Sure looks like they very short-term sold it out. But you never know, so I'm just letting it do what it does, so to speak. In other words, I would base any decisions I might make on what it actually does, not on what I think it may do.

Right to your area and then a strong bounce, Eric. Nice work.

I'm having a little trouble comprehending that we are now over 40 points lower (at the recent low) than when this came off my area posted from the end of the RTH. Unreal.

It would be nice if this could roll over for one more push down to get deeply into your area, Eric.

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.