I'm wondering about possible scenarios for a full playout of this test and retest at SPX showed here on Friday:



... and the only reason for a quick drop from here to the lower ML could in my opinion be a failed 5th wave at SPX and ES. Because on many other indexes the recent rise looks like already completed 5th wave:

And it did. But to where? .447 to the tick, right at a key line. So, very likely, they launch it up from here? Let's see. This will give us some 'context' answers.

Originally posted by jimkane

I have some concern this may roll down...

are we supposed to take this double 1.46 seriously?

Not looking like they want it... Very interesting.

if the low pretty much holds here, are we looking at the c of abcd?

That area did stop the ES dead. But it should have rocketed off it, and, again, it didn't. I see this all as upward drift, corrective action. I'd say that indicates more downside, but I think the highest odds are it implies a 'retest' and games at the GZ. This isn't 'the old days' anymore.

And there's the expected break below that area in the ES. Nice. I love reading clues and assessing probabilities.

Driven down to a .685 and pseudo-ABCD. Let's see if they can keep it moving down to the full GZ, or if that will be it.

In 'the old days', before endless free Fed money, I'd think this would head right to the 1.272 area, forming a loose 3D at a SL. But, watch that GZ closely. If we see it.

GZ hit. My read so far today hasn't been half bad. Not half bad at all...

CL back at the range bottom. Near $1 swings over and over and over today. Amazing. Looks ready to break to the downside. Very interesting.

Originally posted by jimkane

... so the Gross post will be short...

I see that we have a new definition of "short"