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 I think they will prove themselves shortly.

ES 1316.00-16.75 a key level. On the way, I'm watching 13.25-14.00, but I'm not sure even the upper level will stall this monster.

Watch as gold 'retests' that key TL. Nothing I see on any chart indicates to me 'risk on' will stop at these levels in the various instruments. We'll see. I'm not saying we aren't at levels where it could stop, only that I just don't see any indication yet in any price action that it is happening.

Even though it may only be very temporary, it still amazes me how the ES stopped dead at that level I mentioned.

I think gold wants that the 1493-94 area real bad. I'm not saying it gets there, or that the final top isn't already in (like some say), only that it seems like it is itching to see that level. It's something it wants, to make it 'feel good'. That's the only way I can describe it, to anthropomorphize it. There are some other levels up around there, but that is a good start, and if it heads up there I'll refine and repost the levels at that time.

The ES looks ready to move to the next level, but still amazing how the first level just stopped it in its tracks, and held it at bay so long.

Look at that ES weaken off that level. Wow, the first level and it can't do anything. Where's all the free Fed money???

waiting for .52?

Originally posted by jimkane

Look at that ES weaken off that level. Wow, the first level and it can't do anything. Where's all the free Fed money???

Hmmm, ES rolled off the area. I thought for sure the MRRD's would gun it up. Even though I didn't see it coming, so to speak, it is cool that it rolled right off the area I posted. I mean, I'm still hoping for a lot more movement in favor of puts, so I like this, but I thought they'd be able to do more.

This might be a 'W2' of 'W5'. Notice how the bigger 'W4' bounce to the high this AM was right to the end of 'W1', which is why I had that area for the AM high nailed so tight, the last area I had, the best or second best one, hit right at my 'W1' line. But, alas, I still suspect this is going up from here. Too bad if it does, that TNA area down lower is so pretty...

Originally posted by jimkane

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

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