Broader indexes like IWM shown by Roofer and MID below should show us the way in the coming days:



They were usually first to advance in the recent months and we'll see soon if this is the case this time as well

Normally, I'd say 'Boy, if this ES TL goes (gives way)...', but this is also set up perfectly for a snap trap.

This magical buying power usually shows up when bulls need it most:

Ex-aaaaaaaaaact-ly. Notice the 1 to 2 tick breach first.

Six point ES range all session. And only 10 points since Thurs close. That vol is going to expand out of here like a rocket at some point.

ES 15 minute practice work.
Drew some additional sets.
I noticed the brown set using Jarek's pivots overlays my dark green set using the LL pivot.
The cyan set based on the last thrust down picks up Jarek's TL.
The light green set is schiff.
Just seeing what I can see. :-)

I just added the term 'snap trap' to the terminology page, for those that haven't hung around here long enough to know all my terms and phraseology.

Last half-hour flush? Vol coming out of the hole like a rocket? We'll see...

Originally posted by jarek

Maybe this classic bearish 4PT could help to get below this rising TL:

It sure did help and even threw in another smaller 4PT as W2 of the move off it:



Did we just have two W2's of different degrees?

Hmmmmm. How did he know the ES was going to do that???

Originally posted by jimkane

Last half-hour flush? Vol coming out of the hole like a rocket? We'll see...

Originally posted by jarek

... Did we just have two W2's of different degrees?

It looks so at this point after taking out 1.618 retracement:

Yeah, that 1338 rings a bell, but I confirmed the high by various sources and feel it is correct. I even checked several other contracts, but couldn't find that 1338. I've seen it before, though...