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:

You didn't draw the TLs in but it looks to my eyeball like a down TL and up TL both came into that area.

Originally posted by rat89

abcd to .382 and .886 on gap on 5

Click image for original size

Keep on breakin' down, baby. Got to love it. Here's to hoping this is at the least a 'W3' of 'W5'.

If yesterday's bearish KZ ABCD was W4, then we already are in the target zone for this move:

Here is my expanding triangle chart from few days ago:



One have to admit that it doesn't look good for bulls with this potential return move after the breakdown

And here is the set of last hope for bulls for containing the decline above the Kane Zone:



There is no pattern though (or at least I don't see it)

This triple top after reaching exactly the rising ML may be the first sign of troubles for bulls in EUR:



Will watch the reaction to this 1.272 DT ABCD at lines

It's looks like 0XABC is in the game on EUR/USD. I wait for D.

jarek,

Your ES charts are "clear as a bell." Thanks for posting.

Good Trading,

Al Kamego

watching 5342

Originally posted by jimkane

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

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