Here is the update of my longer term ES chart:



I know this potential drop of 10% in a couple of weeks is hard to conceive for some. But I can't find a better explanation for the corrective nature of the March-May rise

Jim,
I find great value in your commentaries when I go back and review. I do try to "do the work". Today, I just couldn't find what you were talking about. I couldn't even find the darn TL you kept mentioning. Some days are just like that I guess.

Anyone will improve by following your commentaries and answering the questions you pose. I do like charts to see visually. But the most I get out of your commentaries is not the levels -- after all I don't trade ES so the levels do not make $$ for me -- but why you are watching an area. I always try to figure that out. Today I couldn't figure it out but other days I can.

Thank you for posting. It makes us better and why I joined the forum.
tx

I too, don't trade es, but I follow Jim's posts on spy, and try to learn from what he is saying when....there is a lot for me to learn about the methodology, and I am gradually trying to integrate it into my trading. Also, I sometimes get pulled away during the trading day onto conference calls, which is distracting and makes me forget to vote!

Here's four posts from today:

This is just sitting on a key TL... It better be very careful.

Wow, this is messing with the LOD and Monday's LOD. This is just awesome.

Remember the key TL from way back I mentioned. It is key. Key.

Or should I say key when it gives way...

And in the GLOBEX... Swooooooooooooooooooosh. Now, where was the next key area I have mentioned for a long time now? The area just over the 1300's. It just hit 1303.75, right in the meat of the area. Recall the next level down after that that I have been mentioning repeatedly? Yes, the 1280 area (plus or minus the usual tolerance for an area that size, it's just easier for me to post the center number).

Now 1302.25. If this area doesn't hold it and they sell it down more, that could really trigger some things. I mean, it's off over 20 from the HOD in here. That should bounce it. If not, it may see that 1280 area fast, or lower.

Four drives in here to a key area. This really, really should bounce right out of this hole.

Up 3.50 so far...

Watching 1310-11 and 13.50 next. Note the ABCD at key line at 1308, though, that it must first overcome.

This thing is sooooo weak. It reacted to the shortened ABCD. It's hanging on a precipice here...

Originally posted by jimkane

This may be redundant, but I want to make a comment here. I don't post for my health, especially when I post a fair amount in a row, like today, which can be very challenging when I have live, open positions. I usually do it when I see a sequence of things that I feel have great teaching potential. I don't make trivial posts (by my definition), I try to make every post for a specific reason. I have things I'm trying to get everyone to see, to focus on...

Here are my remarks, Jim:

- at the time of the day you usually show up I rarely have more than half of votes left at my disposal. It’s simply not possible for me to vote up all your posts, I find valuable. Especially on a day like yesterday when you made more than 40 posts during RTH…

- I don’t know how about the others, but sometimes I have problems with deciphering the messages hidden in your sarcastic posts. Like for example the one from your post of the day yesterday: "They have me so terrified of the short side right now, I can't even imagine shorting this" Does Jim think up or down from here? – that is the question

- I think your remarks would be much more valuable for everybody here when coupled with charts. I understand that you decided not to post charts during the trading hours and that is fine. But a medium term chart from time to time with the most important lines you watch would definitely help to understand your short term remarks and gain better understanding of the methodology. And I’m pretty sure you would get a record number of votes for every chart posted here

Straight to ML in a move off our bigger bearish ABCD:



1.618 kind of holded, so this ABCD still could be a W4 of the move down. But bulls need to act decisively here

Okay, see everyone later. I'll try to do those updates on copper and the Swissie like I mentioned in those sections, and get to jarek's question on that being a KT rocking chair pattern failure setup, some time this weekend.