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:

I'm just going to toss this out there. I'm not thinking it is a high probability event, as far as being hit. This one is, again, in the category of if it gets hit, I'll be potentially interested. Even if 99% of the areas I watch never get hit, who cares. Lines are cheap. But this way, I'm ready in case.

I'm watching TNA, which, by all rights, should be rocketing up in here, right? But there is this massive convergence, just a thing to behold, and it is below in the area of around 76.60 - 77.75, appx. A .618 is above at 78.25. So, depending on the hit time, that's the area. There is also a key TL just below, but I'd prefer it doesn't go through the main lines by too much. Timing-wise, the ideal is sometime tomorrow or Thursday, but I don't rely on that too much.

Sometimes areas this nice will act as magnets. Maybe not, it's likely done in here, and the market will begin to rise. No harm, no foul. But, I'm watching just in case. What a pity if it doesn't go to this beautiful area, just because it would be so 'artistic' to see it...

fascinating spot for a turn if it does

Originally posted by jimkane

Let's see if that 2-tick new low for the move on the ES bottoms this out. 'Normally' I'd be looking at the 1.272 or below at a key line. 'Nowadays' I watch the 1 or 2-tick trap as a high probability scenario...

Hmmm, maybe they don't like hearing O'Bummer's BS on TV?

BTW, top of the hour the Fed 'Tan Book' will be out.

mob??

can someone tell me how you search the forum by subject in past posts?

I wish I knew...

You could PM 'daytrading', he's the owner, and ask him.

oh......I wanted to go back to the rocking chair posts...

That's easy. Just go to the sticky topic I created 'forum links', I posted a link for it there so it wouldn't be hard to find.

Originally posted by jarek

...Barring fake breakouts, the first TL which gives way should show the direction for some time

It did and still doesn't look good for bulls after this return move to the broken ML:

Everyone see that bearish 4PT in the ES there? I'm not sure I see a lot more downside today, although everything I have technically points to it, because I'm always wary of how much manipulative power they have...

Originally posted by jimkane

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

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