The debt limit issue should be resolved soon.
Be ready.

I am. Friday was the day to buy calls on the bullish ABCD. I staged some. ES opens up huge, right to the bigger bearish ABCD. Some surprise.

ES sure looks to be coiling for the next leg up. This would blow out the bearish ABCD, and make the move look more like a 'W3'. That would have me looking at my next levels:

21.25-23

35-36.75

Center of areas, as usual.

There it is. New high for the move, up well over +30 off Friday's low. Not bad. Now, is it a last push move deeper into the ABCD and done, or another true leg up? We'll see.

You all know what I think. I suspect we'll see my first area before morning. That's up say 12-14 from here, and up around 45 off Friday's low! We may actually get higher than that tomorrow, making an assault of my next level. That's my 'guess' as the highest probability scenario.

Nonetheless, I'm watching this 1.128, and the 1.272 above also, to see if it's just probing the stops before being finished. You never know. I have a premise, I have alternate scenarios, and I respect price action and clues. I try to be ever adaptable to what I see.

Okay, I really don't see it, but if the ES was going to roll over, I could see it happening from here. Maybe just a little checkback...

looks like 4pt bull on es 15 minute. chart will come later when have time.

Originally posted by tx_ches

looks like 4pt bull on es 15 minute. chart will come later when have time.

Price is now lower than D so 4 pt failed.

$INX S&P 500 cash index 5 min. Stopped right at 127 and 38 at ML.

Jim must be dancing on the roof right now with all this selling. :-)

Originally posted by tx_ches

Great job, Al. You caught a lot more things. You are good at drawing the SL. I particularly missed 2 even after drawing 1 and 3. You also caught many more .886. I particularly like your 6.

I thought this was a great exercise on how well the tools can work near a turn as joed has said. For myself, it also showed me that I had made some progress with the tools since the last time roofer gave a list of charts to try them on.

For the record, I did try Jim's two recent detailed postings on action, levels, and turns but gave up in frustration. I never know with his stuff if he means 240 min or 3 min.

Thanks, tx. I spend probably too much time looking at the smaller details and not enough scoping out the "bigger picture," like the turquoise line 4. Kane TD ABCD. That is a good one. I looked at your work and picked it up right away. I do not know if I would have seen it by myself. I need to spend more time looking at larger as well as smaller timeframes for larger Kane ABCDs and structure. Many times I have been mentally involved in a smaller scale pattern, and missed an easy, larger Kane ABCD. This work requires a lot of expertise. Please keep up the good work.

Thanks, roofer, for the invitation for us to try our hand at your techniques on the SLV chart. I am sure there are a large number of things that I missed.

Thanks, Jim, for hosting this forum and sharing your thoughts. There is surely a lot of your work that I don't "get," but I am working on it.

Good Trading,

Al Kamego