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:

Like I said...

Originally posted by jimkane

If they can't take it up...

They only got it up to 111.14, and not even to the .786 ABCD. Very weak. Now we got the new low. But will it head to the next lower level? Time will tell. It does what it does. That seems like too big of a move without a bigger correction, but if more liquidators come in, it can do it easy, I'd think.

http://www.zerohedge.com/article/goldman-causes-selloff-commodities-closes-top-5-trade-2011-long-crude-copper-cotton-and-plat

Originally posted by jimkane

Watching the CL bounce into the 111.20s-111.40s area, basis June, to see if that was it, or if they may want to roll to the lower area.

Watch this little 1.272 in CL.

Watch Friday's LOD @ 18.75.

And like I said...

Originally posted by jimkane

Like I said...

Originally posted by jimkane

If they can't take it up...

Watching ES next around 1315.25-.75.

All the while noticing this 1.128 at 17.25 with a SL...

Originally posted by jarek

... Let's hope that the breakout will take place still this month...

I never suspected, that we may test this line still today...



Looks like I called the wolf out of the woods

Okay, they seem to like that 1.128 area. ZN selling, ES accumulating. We'll see. Nice 5-wave down into the area.

First area in ES coming up. Big clue time.

Okay, it seems they want to close cash right at a key area, into the Alcoa earnings. Very interesting. Shouldn't Alcoa blow out earnings on the commodities run???

Originally posted by jimkane

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

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