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

Guess how many strategists on Wall Street are predicting the S&P will close the year below the current level? 25? 50? 100? More than that? All this selling is making everyone too bearish, right? Contrarian play is to get long on all the bearishness, right? No, the are zero strategists calling for a close below this level. Zero. Not one single strategist sees any chance this will be lower than this level at year end. What's the contrarian play on that one???

they have a great track record

Yes, they are 100%. 100% wrong on every call. And in my opinion, Goldman Sucks has the worst track record of all. If you follow Zero Hedge when they post all those Goldman calls, it seems they are not only wrong every time, they are wrong at the exact worst possible spot, too. I guess they are lucky they have all that inside information and government/taxpayer money, or they'd really be bleeding cash. Plus, they are smart enough to fade all of their calls and take the other side of all their customer orders it seems. Nice business model.

Anyone recall awhile back my posting BAC and that magnet area around 6 and change? It hit 8.03 today...

Huge SL to watch around 7.50, too.

ES just bounced aggressively off a 'retest' of the line that sent it up. Do or die here.

they're either wrong on purpose, or in the bigger picture it's an example of groupthink at its worst. it's like the fact that 'everybody' knew that the market would go up if a debt ceiling deal was arrived at before the deadline. another great call....

If they can't put in a strong show here, it may set a new LOD. Otherwise, I'm watching the GZ on the way down, if the sellers can do anything more. This is a critical line here.

ES bearish ABCD shaping up in here? At this stage of the game it's nothing I'd play. I'm too afraid of upside here. But, I'll watch closely anyway.

Next levels 1206 and 1212.

Levels corrected at 15:42. I posted the wrong levels at first.

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