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:

Originally posted by jimkane

Everyone should know what I think.

I think you're way too optimistic...

I omited this $SPX geometry at the recent low

Nope, you don't know what I think...

Originally posted by jarek

Originally posted by jimkane

Everyone should know what I think.

I think you're way too optimistic...

.60 - .67 is a zone of 886's

??

Here's the problem. And I hate to lay it out, because everyone should be figuring this out for themselves, not having me explain it. What drives a market up? Upsloping lines. Downsloping lines will never drive a market up, by my way of thinking. They help with timing, they may even add a little push to the upsloping lines, but they are not drivers. I also mentioned this area being a key area from much higher timeframes. Yet I haven't seen a single chart from anyone showing the at least four key upsloping lines for this area. One look at those lines and a knowledge of my methodology, and one might say this is one of the most significant areas in the last two years. Yet no one thinks even a bounce is reasonable.

Originally posted by jarek

I omited this $SPX geometry at the recent low

Click image for original size

hung over from a few days of selling?

Originally posted by jimkane

Where are those pervasive sellers??? Interesting question, huh?

One tick from HOD...

is this one of them?

Originally posted by jimkane

Here's the problem. And I hate to lay it out, because everyone should be figuring this out for themselves, not having me explain it. What drives a market up? Upsloping lines. Downsloping lines will never drive a market up, by my way of thinking. They help with timing, they may even add a little push to the upsloping lines, but they are not drivers. I also mentioned this area being a key area from much higher timeframes. Yet I haven't seen a single chart from anyone showing the at least four key upsloping lines for this area. One look at those lines and a knowledge of my methodology, and one might say this is one of the most significant areas in the last two years. Yet no one thinks even a bounce is reasonable.

It's a clue it seems everyone is ignoring. We hit a key area and the pervasive sellers are nowhere to be found. Until they show up again, I'm not much in the mood to fight a monster uptrend. Who knows, maybe they show up right now, off this DT at this area, and sell it into the close. But I don't think the odds favor that, so I won't be one of the ones to 'take it off the new high'. I'd need something on the way down to even consider it. Right now, I'm long-side bias. Not for initiating new trades here, but for managing positions created earlier. It's not the time to initiate new longs up this much, at potential 'resistance'. That goes without saying.

Originally posted by rat89

hung over from a few days of selling?

Originally posted by jimkane

Where are those pervasive sellers??? Interesting question, huh?

Yes, it is. Give rat a gold star.

Originally posted by rat89

is this one of them?

Originally posted by jimkane

Here's the problem. And I hate to lay it out, because everyone should be figuring this out for themselves, not having me explain it. What drives a market up? Upsloping lines. Downsloping lines will never drive a market up, by my way of thinking. They help with timing, they may even add a little push to the upsloping lines, but they are not drivers. I also mentioned this area being a key area from much higher timeframes. Yet I haven't seen a single chart from anyone showing the at least four key upsloping lines for this area. One look at those lines and a knowledge of my methodology, and one might say this is one of the most significant areas in the last two years. Yet no one thinks even a bounce is reasonable.

Click image for original size

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