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:

a few weeks ago, when I was first looking at the potential 5 point in spy and the q's I though no way, the q's to 53.47? don't be ridiculous....and then there it was late yesterday at 53.61....spy not quite there (125.98 and a little lower) but spy at 1.27 dbs to the penny and a sharp turn...

as impossible as that seemed at the time, now I'm looking at the potential abcd PP in the q's and thinking -- new high? to the 64 area?? how is this possible with europe on the edge, rimm disappointing, goog not there yet....and over what time frame?

Originally posted by jarek

I can't complain

maybe, just maybe, since we are about to get a nice gap open, the 5th gap in 6 days in fact....do we get a tradeable 886 up there or down there? and/ or in which order? in other words...do we melt up or down into the close today?

Originally posted by jarek

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

So ES opted to go with no rest at all straight to the first line convergence:



Let's now see if it has even more power here

set anchored on the gap

This is a good candidate for a return move to the broken neckline:



But it has to go now against this short term bearish ABCD and medium term bearish TD ABCD from the previous chart

maybe some time today we'll get a death defying dive to the 886?

Originally posted by jarek

This is a good candidate for a return move to the broken neckline:


But it has to go now against this short term bearish ABCD and medium term bearish TD ABCD from the previous chart

Medium term pattern:



... is exerting short term pressure:

watching spy for DT abcd and IWM for TD abcd - if bulls make their move.
On 5 min.

We'll see after reaction to the following bullish ABCD if it doesn't want to blow this reverse H&S pattern:

I'm using different lines than Jarek and I had 3 lines at the D also.
And at the 38% from the Y low.

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