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:

It will probably just grind up to there. If it finally gets impulsive in the last hour then the second area is on my radar. What a boring, 'long-time-hold' intraday grind. But, sometimes it just takes infinite patience...

Originally posted by jimkane

I think the ES wants 1314.50 area... After that, once it demonstrates it is a 'W3', then I'm watching 19.50 area.

So this last small bullish ABCD was not a W4 of any kind:

??

.886 at 5684

... and we are breaking above an important short term resistance:



This move up off this 1.460 may have some legs

CL and GC right on the verge of 'breaking out'. ES at the earliest part of my key area here. What it does here will tell me a lot. It sure hasn't been very impulsive up, but, the word from those in the know is, 99.99% chance this is going way up off today's low...

$INX now reached its 1 to 1 or its 1 to 112.8 move for its major legs on 3 minute.
SPY almost made it, missed a few cents on its major legs on 3 minute.
Breather time?

This is a serious, hard-core potential rollover area, if one were bearish on the intermediate-term timeframe. But they seem to want to run this up, so we'll see. You'd think even if they wanted to run it up, they'd bring it in off this. Look at how many things are at or very close to key areas right now...

Gold is ready to hit the stops and 'break out'. Let's see.

There's the high for the move, and just over two dollars from the all-time high.

Originally posted by jimkane

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

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