ES closed strong and looks good for a strong start of the week:



However I'll be watching closely bearish ABCDs on the way up since long term questions remained unanswered yet:

If a CD leg develops, you could always trade it as the end of the DB ABCD bear.

Originally posted by rat89

if 61 marks the turn is this the c point of a kane pattern setting up? a trip to 4620 at 1.46 to set up the next up move?

tx, you mean ride the cd leg?

Originally posted by tx_ches

If a CD leg develops, you could always trade it as the end of the DB ABCD bear.

Yes, because it would also be the end of the bear ABCD where A and C formed a near DB or the C is near to 112.8 on the bottom, depending on which you see is closer.

Originally posted by rat89

tx, you mean ride the cd leg?

Originally posted by tx_ches

If a CD leg develops, you could always trade it as the end of the DB ABCD bear.

aha....that abcd and 1.128....you mean the 5524 as c? not larger bear abcd.....interesting.....here's more food for thought...

Originally posted by tx_ches

Yes, because it would also be the end of the bear ABCD where A and C formed a near DB or the C is near to 112.8 on the bottom, depending on which you see is closer.

Not enough fib confluence to do anything but the line sets give some possibilities in future.

down or up?

Nice charts, crew. Very good work.

GLD etf can't seem to decide what to do -- if it wants to retrace or explode now that its 100% targets have been reached.
I've marked 2 38.2 areas for retraces using 2 swing lows.
I've marked the fib time 100% and the fib price 100% lines.
Watching and waiting.

Not really worth mentioning: I'm long side bias ES, GC, CL intraday. ES seems the least likely to do much. Keep in mind, tomorrow is a trading holiday in the U.S., so this should start to slow even more soon.

Your thoughts are always worth mentioning, Jim.
Slow days are good for charting different scenarios.

Originally posted by jimkane

Not really worth mentioning: I'm long side bias ES, GC, CL intraday. . . . this should start to slow even more soon.

I think it may head for the lower //, not even the ML. I've been thinking 35 since forever. Understand, though, this is really just an index against the Euro, which is by far the heaviest component. If the DX was going up, and the dollar going up against all currencies, the buying power of the dollar could still be going down, even rapidly.

All I care about is the buying power of the dollar, and if you look at gold, silver, oil, foodstuffs, cotton, etc., you can see what is happening to my buying power. This is true in all currencies, even the powerhouse Aussie. It's just losing buying power a little slower as it rises with respect to the dollar. All fiats are on their way out. Do they go together, or do they fall one by one in big explosions...