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:

Quite a reaction to that KZ Flat that Jim mentioned, which completed exactly at same Schiff ML as previous high:

Acceleration or bounce in Crude?

ES reacted strongly to such a .786 bullish ABCD, so now it is a small one against the bigger one:

... and the small one wins:



A reverse H&S might be also forming here

I would treat the upper ML of the upsloping set as a neckline of reverse H&S:

This is quite a rise as for overnight standards - 15 points in less than 3 hours. Now a return move to the neckline and up it goes straight to Jim's areas?

how do you like that?

Originally posted by jarek

This is quite a rise as for overnight standards - 15 points in less than 3 hours. Now a return move to the neckline and up it goes straight to Jim's areas?

I can't complain

and in the pre market this classic 1.27 dbs from roofer has played out to the median line, though you can't see it here yet.....

It's already more than 20 points up from yesterday's late day low, but before we become super bullish, let's look into it from a medium term perspective:



Bulls are here far away from getting out of the woods...

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