Okay, I guess jarek must still be skiing, so I'll start this week's topic. Let's make it another monster week for quality posts.

Yes, an incredible day. I think one that may be of some significance. Either we just had, or are near, the blowoff top most of the in the know people are calling for, or we just entered the fiat collapse stage and we will see $200+ crude in very fast order. I suspect there is no in between ground. Too bad roofer isn't posting anymore, I'd love to hear his thoughts.

If the decline is for real, then this bounce should stop right here in the closest Kane Zone:

So, that drop caught all the stops going back into late March. Every 'lateral support' level was hit. I think that's all that was about...

Okay, there's another new all-time high for gold, another new contract high for crude, and the Euro is exploding. Same old, same old.

Originally posted by jarek

If the decline is for real, then this bounce should stop right here in the closest Kane Zone...

It didn't, so I'll watch the following DT ABCD for clues:

Originally posted by jimkane

Okay, there's another new all-time high for gold, another new contract high for crude, and the Euro is exploding. Same old, same old.

Doesn't ES look miserable in that light?

You would think so. That's why I thought one possibility is that that was the blowoff top in comms (Hah!). That way, the ES can go up in here as they come back in. Or, the ES may be done big-time at your area on the first chart for this entire thread. Can you update that chart?

I guess it doesn't look much different. Maybe a weekly closeup, or daily?

Here is the weekly closeup:

one last boring chart of x

when I see a decline of this intensity where every bounce gets sold, I don't expect the first turn at a significant fib at line to reverse the trend without another swing. I did play it, but dumped out after the .447 turned it back down at 53.44. this time, the final 1.27 into line appears to have brought out the hourly players....one thing I felt earlier was that there was no cci 480 divergence to confirm the setup, and no third swing at the line. I took a small position a few pennies over the low and am holding it for better or worse.

My thought is this: I don't believe we came all the way back up here from the violent low a couple of weeks ago to turn spy back 11 cents under the previous high. That could turn out to be wrong, since dia has already pretty much hit the mark....spy never properly signaled at the low....iwm and the q's turned it up. It remains to be seen whether a budget deal of some sort gaps the market up into its target area early next week, or maybe even the fact of no budget deal has a similar effect for some perverse reason. The market has ignored every single piece of bad news for the past three weeks or so, so something else is up.

It's also interesting how gold, silver, and some miners are making new highs, and some miners are not at all, and that the ags have been weakish after hitting their targets.

Thanks - I must have been sleeping indeed