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:

They did come in for CL a bit more, 'breaking it out' over that basing range. It's now 'free to run'. We'll see.

THE CONTEXT WAS THIS LARGER GEOMETRY

Nice stuff, roofer.

I BELIEVE OIL WILL EVENTUALLY SEE JIM'S MASSIVE TARGETS...but right here right now i have written this potential scenario in my book based on the geometry....though .5 is not fib, oil looks for it....

Not much changed during the Globex session so far - bulls still have problems at downsloping lines:

My bullseye in Gold is gone, but price stalled at another key area as Jim and Eric have already pointed out:

Unlike Gold in Silver the previous area held and the potential turn was supported by .886 and potential H&S:

If this TL creep in ES was a CD leg of a double .685 bearish KZ 4PT then beware bulls:

abcd everywhere in this time frame despite individual stocks looking weak....makes me very cautious

if qqq holds yesterday's low, did it complete c of a 5 pt? b was at 768 and if that was c, it was at 618....just thinking out loud....there is so much talk about selling in may and the end of qe.....does the big dog reverse and run up to make everyone wrong?

Originally posted by jarek

If this TL creep in ES was a CD leg of a double .685 bearish KZ 4PT then beware bulls...

It wasn't it, but bulls' problems are far from over:

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...