Jim suggested to take a look at daily charts of some secondary indexes and here is my current $RUT chart:



The green ML of a set based on big bearish 3D happens to be also a neckline of a classic head and shoulders. If bulls would not be able to defend this line next week, then a move to the lower ML should follow. This would also be a perfect fulfillment of a successful H&S pattern.
It is all the more interesting as this big bearish 3D fell dead on at the upper ML of a quite important set:

that last 1.27 was at that same line

How's that for saying really nothing? It may go up, or, it may go down.

Originally posted by jimkane

Sure looks like it will roll to my lower levels posted previously. But I know the 'players' want to get that 86 level and take it out. They drive it to that 88.50-.75 area, then they don't care, they can let it go.

That more reflects that it is in a very critical decision spot. I can't 'guess' what it will do here.

Okay, time for the assault on 86 and the HOD?

Notice the flat ABCD in here. Also, it could form a DB ABCD up a bit higher. This should provide clues. But one would already have to know what side he or she wanted to trade on, before the clues. The clues would be more for potential management here. No bias, no trade.

remember, this am I noticed the potential 1.46 dbs in the 78.87 - 78.96 area? this is a little loosy goosy due the low b point, but is this a kane pattern here?

Interesting how it rushed right to the DB ABCD spot, and stopped dead. I think it will break up and take a shot at that 86 next. It would be best if it checked back a bit more to give it a good launchpad. Now, if it rolls right off this ABCD and heads down, then my most likely read here simply wasn't how it played out. If I'm long, waiting on a bigger move then I give back more and don't catch the down move. That's trading. You have to make some assumptions.

Originally posted by jimkane

Notice the flat ABCD in here. Also, it could form a DB ABCD up a bit higher. This should provide clues. But one would already have to know what side he or she wanted to trade on, before the clues. The clues would be more for potential management here. No bias, no trade.

Okay, here's the bigger checkback. Now we see. The toughest part is, it is really a range day, not a trend day, and this methodology is for trends. It can be worked in ranges, but it wasn't designed for that.

actually, I guess not...the low at 80.76 invalidated it.....just weird to see some of those numbers lining up....

So it liked the DB ABCD, and it liked it quite well. That's trading. I played for more long continuation. I had to get out, and didn't catch the nice move off the DB ABCD. My reads are not 100%, and when I miss, I usually miss 'big', as I'm dead opposite what happens. But people want me to post things that play out, and things that don't, so that's why I am giving details. This is how it works 'in the real world', not the world of blogs that make every call seem like it was a winner.

Fortunately I mostly miss opportunity cost, as I may be up a bit by the time the area is hit, but I don't 'flip' to the other side, I see how it plays out. That has me sometimes not hitting the other side like 'flippers' do. That's the opportunity cost. But, it's a timeframe issue, and is too complex to explain further here. I cover it with mentor students. There are times when I can still close one side and initiate the other side.

it might have to, and we'll find out soon

Originally posted by tx_ches

I could certainly see it going lower though.