I was not aware that ES is trading today despite the Memorial Day. Here is the update of our bearish ABCD:

Originally posted by jimkane

The big question is, do they shoot for that 1.272 and my area by the close, or shortly after in GLOBEX???

Should be no problem after they break through ABCD and today's ceiling:

These guys are funny. 'Too easy'.

Hmmmm, I mentioned my area, and said the timing factor was end of the trading day, if it went straight up. If they brought it back in, I thought it may take a bit longer. I also mentioned the 'W4' it may toss in there. So, it did the 'W4' type pullback, and it ran right to my area (within an acceptable tolerance, given this is a move of over 40 points off the recent low so far) by the end of the trading day. And it gave what looked like to me multiple chances to get on board the move. Not too bad an assessment, I'd say.

Okay, I'm done for today. Maybe I'll post later tonight. Can't read 'em any better than I did, I don't think. I hope everyone did the work last night to see what I was looking at...

ES 5 minute with today's comments from Jim incorporated - hopefully at the right places.
Reached the 112.8 line after the cash close. Jim called it well.

It took that little extra GLOBEX push to get it there, high so far 47.75. Now, I'm not saying it sells off here, it may just keep going, right to the next area. It really does need a checkback, though, especially after the classic 5 waves up to here. Will it do it? Who knows. I just let it do what it does, and look for setups. If it checks back, great, it may give an entry for a potential shorter-term trade. If not, great for the intermediate-term play, and so on. All I 'knew' last night was I had a strong bias, and an area I thought it wanted to get to like all get out. And, as it turned out, it did want the area.

Originally posted by jimkane

I see nothing but up to new highs coming, but I have two key levels I will still be watching. The really prime one is around 46.75-48.50 give or take, and the next is around 60.50-62.25. There is a timing factor for the first area around the end of Tuesday's trading day, but I don't weigh that too heavily, I really care about the level and the trajectory towards it. What I want to see now is does it go straight there, or do they play their game of bring it down later tonight and maybe into the early AM session, and then start the gunning process again, from better prices for them. Which track they take will potentially change the timing factor.

And yes, there is a super-key line coming right into this area, but, but, this is in a monster uptrend off an ABCD with an ABCD in its BC leg. So, I'll be watching this area, and expecting it might check back, but that's all I expect. Could it sell off like crazy and that be the 'retest' of a final 'bull' market high from May 1? Sure, it could be. And perhaps I might also flap my arms hard enough and fly away to the moon. Not technically impossible, right? (I'm being facetious, of course.) Also not too likely. What do the odds favor in here?

Originally posted by jimkane

... this is in a monster uptrend off an ABCD with an ABCD in its BC leg...

I guess Jim is talking about this one:

Originally posted by jarek

...Should be no problem after they break through ABCD and today's ceiling...

And there was no problem indeed with getting to this another checkback area:



The first downsloping line is a warning line to our Schiff set

interesting symmetry at the lines...