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

This area really is a challenge for them.

That little ABCD there should do it for them. If not, then they may just chop it until close.

But, who cares, really. The long play from the AM is over by my style, and now I could get long on any of a zillion support touches, and wait for a burst up, or stand aside. Until it did something and established a downward bias that I could see unfolding I wouldn't short this with your money, no less my own. So, just sit on a long and wait for the burst up, I guess...

And lo and behold here it comes.

22.50 hit and exceeded. Next level?

Originally posted by jimkane

Watching 22.50 if this gets going...

Next big area just under 1340.

I think that was very likely the low.

Probably closer to the low to mid 30's. I'll refine this later.

Originally posted by jimkane

Next big area just under 1340.

Probably no one noticed this, but recall two TL's back (4/18 and 5/17 anchors, ES all-sessions), the line gave way, then it bounced up and 'backtested' it just about to the tick (5/24), then took that last big dump down. Now the rush up today is right back to it, where it frenzied to it on that last push up, and 'saw' it and backed right off. It does look ready to push right up and over it, but it is curious, to say the least. I'll surely be watching here. A nice technical scenario would be a burst up and over and a retest from above. That's assuming it doesn't roll down from here. That next larger level up I mentioned would be a much better place for a 'W2' checkback. We'll see. Just thinking about some scenarios.

20.50 right back to key line and 'support'. Let's see if they launch it. The day is over for all intents, who cares, but it is a very important clue for assessing whether this high may roll this over or not.

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.