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:

is that it?



is it meant to make an abcd at .685?

'Too easy'. Sometimes it's like the big players call you on the phone and tell you what they are about to do.

Originally posted by jimkane

SL here. Careful, they might bounce it now.

Now, I think there is essentially no chance this will sell any more today, but this is a key .447 and line area, with an ABCD and last push move here... So, watch this.

There is an area coming up, but they want a new HOD. They will be trying hard for it.

is that it? 1.06 on the retest while spy does 1.27 dbs and the q's hit the 1.46? or do we get your level for real tomorrow morning to trap everyone?

Now, based on my experience, the way they finished this, it bodes for a big up day tomorrow, on a gap up perhaps. 20+ points minimum, maybe more. Have things changed, and the pervasive sellers left town? I don't know. I suspect this is the miss of the area that will have all those who planned to buy thinking they missed it, and piling on. We'll see.

I was just about sure they'd hit 46-47 today, and they didn't. Maybe this read is totally off. But, my gut says it is by far the only front runner right now as far as scenarios. Everyone knows I 'hope' it rolls over somewhere in here or maybe at that flat area around the HOD at 69 plus or minus. But 'they' have that look in their eye...

One other thing to note. 46-47 is a huge, key area from the much higher timeframes. It is supported by a great 'crazy' TL, but the main line that I use from sets has been hit already. It only fell five points shy of the mentioned numbers, but one can't have a big daily/weekly grouping that is one point wide. That's the center. So, this really has been hit, and it is nice that it is shy of the public's area. I'm not trying to fudge this at all, only point out that we may have seen the low for this move, until it can rise and start the next leg down, to the next area.

Imagine if it rises now. Who is in? How will it play out? If it does rise strongly, will they say that is it? If it does rise and roll, what will they say when it hits their key area? And what if it just plows right through it to our next big level, and then to roofer's? It seems very plausible that could happen. I'm just thinking out loud here. I don't want to get taken by surprise if that was, indeed, 'it' for now.

Okay, give or take, to be refined later, my next larger areas are around 1288 and 1300, with the latter the more key one. That's about, what, 36 points from here. It could do that in a few days (Friday and Sunday night GLOBEX?). That would put it like 50 off the low. I can see that. Now, there are plenty of smaller areas along the way, so I want to see what it does on the way, and how it does the move. Perhaps it doesn't even go up any more. But, I want my big up scenario in place, in case it unfolds.

Mr. Mojo Risin', got to keep on risin'. Risin', risin'. As my old trading buddy used to say: "This is gone". KIG.

All joking aside, this is at a multiple line convergence here, at a key .447, and it is the flat completion area. So, I will be very responsive to how it acts in here, not getting married to any idea, but letting price action run the show. I think it will simply blow the area out to the upside, but I'm going to see what it actually does.

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