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

Watch the potential bullish 4PT and standard ABCD's that may form in here.

Be ready here, as three legs of a correction have been formed. This is the huge ABCD roofer showed against a big, but not as big, bearish ABCD. It is not clear yet which will prevail. I'm looking for early clues...

ES really looks ready to me to rise from here.

Interesting. Understand, off my area I'm intraday short-side bias, but I really didn't think with this overlapping swing grind it had any more to go. Let's see if this is just a 'retest' of the low there, or if they can do another leg. I just don't see it, but we'll see.

And he said 'Let the ES rise, and it did rise...'

But, alas, I can't get any read on whether this will be heading to the next level, or do the chop in the high end of the range thing. I suspect it will break out over that bearish ABCD, but will it do it now, or chop everyone to ribbons first and then go, I can't say.

I'm looking at 1260ish next, but watch the 1.272, which comes in before that.

Getting ready for the break up to 60ish.

It tried, but the 1.272 capped it at 58. Like I have said about my theory on big range days, it chopped in the high end of the range for the second half, with a bias in the direction (up in this case) of the move. So, it ends the cash market right in a key area, as usual. If the sellers were to reassert themselves, this would be a good area, or one of the two levels above that I mentioned. I do have some lower areas on the higher timeframes that this might want to see. But, I wouldn't be shocked at all if this kept going up for awhile. I heard today that was the longest down streak since 1978 I think it was.

And there's the expected break to the 1260ish area. I do not expect this to stop here, as this is a minor area, and I think it is coming off the 'big' area as shown by roofer. I'll give this spot some respect, as I always do, but I am much more interested in the next two levels, as posted earlier.

Originally posted by jimkane

Getting ready for the break up to 60ish.

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