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

Just heard an analyst on TV (and not on CNBS), who said that 1250 low (1249.05 intraday cash index low by my data) was the low for the rest of the year. What a .

If you dig this forum you'll find out that classic 4PT likes to appear in Wave 2:

Yes, I've mentioned that quite a bit, and I know Duane quoted it somewhere, just not on the quotes page. And this one was a classic.

Great charts and comments today, jarek, you were all over it. All those 'out there' just don't see what we do in here...

Now, the real $64 trillion question. Was that it??? Bounce and roll, or just bounce?

That's assuming it doesn't want to get deeper into this area, and perhaps also hit the green set line jarek showed. And assuming it isn't going to get pile driven into the turf from here, no bounce.

Here's, to some extent, where staying with a move until the market tells me otherwise is an important aspect, and where waiting for solid, technically based entry triggers is key to taking a setup.

I'm just glad we got a little volatility, finally.

do I have this kane pattern right?

rat,

Yes, if your labeled numbers are correct, that would be a Kane Pattern. The 'context' isn't the greatest, as I like them set up in a trend, to continue the trend, as I like all my setups. But, just like ABCD's can be in ranges or other situations and still work, so can this pattern, as we see here. The ML at the completion point is quite nice.

I do see this, though, as a DT ABCD, where the A point just overshot a little, and the Kane Pattern is the B-C-D legs. It could also be thought of as a standard ABCD/DT hybrid. Not all ABCD's fit the exact parameters I prefer. Those are my preferred parameters, not the only way ABCD's can form. Point here is, this was a clear three-legged correction, and the issue is, does it form a confluence that I find tradable? The B-C-D Kane Pattern may just add to the ability to determine a confluence area in this case.

Good eye.

Gold moving up nicely off that .382 area I mentioned. No surprise with that. That's one heck of a nice 1.128 ABCD (to the tick by my data) that it is moving off of. Can't wait to see what it does from here.

thanks jim

If I understand you right, you are saying that price is now forming the D in a DT abcd? btw, I'm still just amazed at the inverse fib pairs....

Originally posted by jimkane

rat,

Yes, if your labeled numbers are correct, that would be a Kane Pattern. The 'context' isn't the greatest, as I like them set up in a trend, to continue the trend, as I like all my setups. But, just like ABCD's can be in ranges or other situations and still work, so can this pattern, as we see here. The ML at the completion point is quite nice.

I do see this, though, as a DT ABCD, where the A point just overshot a little, and the Kane Pattern is the B-C-D legs. It could also be thought of as a standard ABCD/DT hybrid. Not all ABCD's fit the exact parameters I prefer. Those are my preferred parameters, not the only way ABCD's can form. Point here is, this was a clear three-legged correction, and the issue is, does it form a confluence that I find tradable? The B-C-D Kane Pattern may just add to the ability to determine a confluence area in this case.

Good eye.

I'm saying the low at 326.26, at the D point for the Kane Pattern, was also the D point for a DT ABCD whose A point was the start point of your ML set, at the upper left, at 364.90.

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...