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

Yes! I have never looked at a chart of yours and not learned something, seen something I missed or had some prior knowledge reinforced at a time I was just ready to see it...

Originally posted by roofer

i have stuff to post.... but it is more of the same... it is ok if you want no more.. even joed has said he has enough examples to write a book and has asked me to send no more...should i post it?

Originally posted by roofer

i have stuff to post.... but it is more of the same... it is ok if you want no more.. even joed has said he has enough examples to write a book and has asked me to send no more...should i post it?

I vote yes!

Al Kamego

I'm just going to toss something out here. It is not based on technical factors. It also seems incredibly unlikely. My main reason for posting it is its sheer 'unlikelyness'. I have an indication that that was the top in the Swissie. Now, that might bring about a sharp reversal, or it may just sit around this level indefinitely. My indication is more for a drop. If so, the market would likely rally strongly, and gold drop strongly. Although I could see the market rallying strongly, I can't see gold dropping, or the Swissie.

I only see 'up' on those. But, this is a strong 'indicator' I have, and it is rarely wrong. So, I am tossing it out there, in case this unfolds exactly as suspected, I want a record of my mentioning it. And if it doesn't happen, I'll try to remember to jump up and say I have one to add to my group of 'it totally didn't play out as suspected'. This is not actionable intel for anyone (none of what I post is), just something to keep an eye on, for fun, since it seems so counter-intuitive.

3-min ES SL at around 57.50-58.50.

But a 1.272 is at 59.50.

52-56, roughly, is a major higher timeframe area.

And 58 starts the bounce, right on schedule. 'Too easy'.

Originally posted by jimkane

3-min ES SL at around 57.50-58.50.

The picture. Note there are 2 161.8 retraces at 57.50. It looks like it got "close enough" to get the bulls juiced.

Originally posted by jimkane

3-min ES SL at around 57.50-58.50.

I think that might be it for downside today, but I'm watching 64 next anyway, in case it wants to roll over at a bearish ABCD.

All Elliott wavers are watching S&P Cash index 1258 to see if the Wave 4 low holds (from daily 6/16/11).
If not, time to do a recount.

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