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:

I thought so....I seem to have an offset on the sept contract/spy of 1.01

Originally posted by jimkane

That would line up with 46-47.

Originally posted by rat89

is this something like what you're looking for?

when not to play....

Trade o' the day was the 4PT that hit at 10:50. That's what I dream about, setups like that, that play out like that.

Well, this is set up perfectly for big upside now. On the 1-min it broke a downsloping TL, and 'backtested' it with an ABCD, with both B and D on the TL. And all the blogs are wildly bullish off this area. It's all set up...

Originally posted by jimkane

Well, this is set up perfectly for big upside now. On the 1-min it broke a downsloping TL, and 'backtested' it with an ABCD, with both B and D on the TL. And all the blogs are wildly bullish off this area. It's all set up...

You probably expect a bull trap?

Yay, Marcin gets a gold star. Yes, I would expect they trap them, again, or they simply break it down in GLOBEX, forgetting the trap, but having cleared most of the shorts out. I just don't expect the obvious.

Originally posted by MarcinO

Originally posted by jimkane

Well, this is set up perfectly for big upside now. On the 1-min it broke a downsloping TL, and 'backtested' it with an ABCD, with both B and D on the TL. And all the blogs are wildly bullish off this area. It's all set up...

You probably expect a bull trap?

Here's the thing. How many people are watching this? The answer, every last trader on the planet, and then some, in my opinion. That should bring on some crazy games, and should mandate that it won't do the obvious off the area. Unless the obvious is deemed to be the most 'unobvious' thing...

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/images/spx.png

And yes, that's my 46-47 ES area.

This is the kind of stuff that supports roofer's much lower idea.

http://www.zerohedge.com/article/guest-post-%E2%80%9Conly-thing-we-have-fear-lack-fear-itself%E2%80%9D

Interesting. Joed is extremely bullish right in here, with major timing factors hitting right now. He's looking for about a 70 point ES rise right from this spot and time, as in like starting now. That sure adds a twist to the mix, given that when Joed pounds the table like this, with timing factors, he's only wrong like 0.00001% of the time. And I still feel like this should break down in here, straight down, or with a small sucker trap. But, I could see 1290-1310, and that's up as much as 55 from the low, so that's not so far off of what Joed is calling for. I just don't see how this can rise off a 13 try attempt at that low, and go up that much without testing the area everyone is watching. Can't wait to see...

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