ES approached major downsloping ML on a daily chart:


Acceleration, bounce or coil now? In case of the first, our target area is just 4-5% away. Exactly the same as in case of $RUT for the move off its head and shoulders pattern confluent with the green set lower ML:

can anyone here tell me how and where to look or do a calculation of the offset in the price of es vs spy? I would like to be able to do this on a daily basis without bugging people to do if for me...

Trivia question for all readers (I'm not picking on tx or jarek here, far from it). How many times does Jim use the word 'Target' in his personal writeup of his 'Trading Plan', which, of course, is based on the methodology?

Answer: Zero.

Think about the use of that word, what it implies, and why Jim is so adamant about not using it...

Originally posted by tx_ches

You show the 127 target and it's already past that. Is 161 the target for a W3 for the methodology?

Originally posted by jarek

According to the methodology it should already be a short term W3 up:

You just need a current quote on the ES, then divide that by the current SPY value. As far as a current, non-delayed quote for the ES, well, if you can't get that from your trading platform, I don't know... Maybe get a delayed quote, as long as you have the time of the quote, and go back and get the SPY value at that same time, and do the division?

Originally posted by rat89

can anyone here tell me how and where to look or do a calculation of the offset in the price of es vs spy? I would like to be able to do this on a daily basis without bugging people to do if for me...

Well, this is the next area for the ES in here. 84-86. Then around 91.25-.50 area. It would seem hard to comprehend this going down any time soon other than for small checkbacks, though... Recall my big, key area I mentioned way, way in advance was 60-67. After multiple tests it finally pushed the envelope and bottomed at 59.50. I'd say that's close enough, wouldn't you?

Now many are in. Many more likely will get in if this keeps rising. A nice trap is set, and all those waiting on the March low are trying to decide if they need to pile on now or miss what they think is a run to new highs. Once all that happens, it may be free to run to roofer's SPY 114. I knew the odds strongly favored an attempt, even if this it all it does right here, to get some suckers on board.

The low at 59.50 was at 13:08. Point of posting this? It's not vanity. Think about this.

I also posted jarek's quotes. It's not about Jim right, someone else wrong. It's about how did Jim come up with the reads he did, when he did? It's all in the methodology, as roofer says, in the tools. If you read my posts and get from them 'Wow, Jim sure can do some incredible reads at times' and then move on, you gain little. If you mark on your charts what my read was, and then study that area until you know, never giving up until you see it, then you will have learned.



Posted-06/13/2011 : 13:09:10

"But a bounce could start anywhere in here."


Posted-06/13/2011 : 13:16:53

"59 half was good enough for 'em."


Posted-06/13/2011 : 13:25:14

"I suspect they will go nuts on this to the upside now."

Originally posted by jarek

Originally posted by jarek

Jim is bullish here, Jarek is bearish here...

Jim proved right again, Jarek proved wrong again

??

Noticing divergence.
$TICK has made lower highs while ES/Spy went on to make HH.
Q's same.
IWM hasn't made noticeable higher highs like ES/SPY but has made nominal ones.
DIA is going for higher highs with the ES.
add/decline is flat but still strong on day at 2086.

an interesting spot at .768



just in case

Watch this 1-min TL here.

If the TL gives way, next area 81 plus or minus. Can't do better now when busy...

Okay, that's it for me. I probably won't post again until the Sunday night session.