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

Yes, this is a beautiful flat ABCD in here, set up to send it down to fully test that key level, as mentioned before and noted by tx and the Elliott comments. But, I'm not sure this will play out at all because it seems so obvious, and you can tell the rampers want their turn now. We'll see. I'm giving the flat respect, but ready to act if it 'blows out' to the upside.

Okay, there's a nice initial reaction off the flat. I'm expecting a typical pullback, and then up and over. I may be 100% dead wrong. I'd be pleasantly surprised if it did play out to the downside (recall intermediate-term I'm wildly bearish). I just think it looks too much like a trap. I can only go with my read and premise/scenario at any given time. If my read isn't what happens, the outcome will be less than ideal. That's just the way trading is.

They tried to bounce it, right from a nice spot, it was an aggressive start, and then they got crushed. This is a very weak sign. I would now expect this may get crushed. At the least it may just chop down here until close. The bulls look very weak.

1-min volume spike into typical area. Either that's a short-term climax, or this is going to really sell, higher timeframe.

They know what happens if this entire range since Jan gives way...

The buyers keep trying and trying off this 1.272 level that stopped it dead.

If they keep failing, this 'should' flush. I'm always ready for the buyers to win, since they have 100% of the time since Mar 2009. But some day 'They will win no more, forever'.

Yaaaaayyyyyy!

Okay, higher timeframe, it's showtime.

Originally posted by jimkane

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

Now it gets really tricky. If this breaks down, it completes a H&S top, and everyone one earth sees this. So, it may lead to a snap trap fake to get all those suckers. Imagine the stops, and all the 'measured objectives' people have for this H&S. Also, imagine the algos programmed to get long in here. One thing I will say (speaking figuratively, of course), there isn't a person on the planet that doesn't see the significance of this area. This may be the most attention on an area I have seen in a long, long time. That means it will likely try to mess the greatest number of people up, as bad as possible. All I can say is, we are at a super-critical juncture here, and some crazy stuff should start happening very soon.

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