I guess Jarek isn't back yet.

Note that this has hit 90.75 already and the .886 ABCD, so this is an area of caution right here. In other words, the first area has been hit, and it's an ABCD, so watch out.

I hope no one minds if I say: 'Suh-weeeeet'.

Too funny. Not being cocky (the market likes to hand one's head to one when one gets cocky...), just thinking about whether the odds seem to favor my reads, or against my reads.

Originally posted by jimkane

...or is my read not to be?...

Boy, this is sure a tough spot in here. Right between the second and third levels, at a super-key line, etc. It 'should' check back in here somewhere, and then start up again to the higher levels posted earlier based on the higher timeframe. But, it may just keep rising. I am fine with that, as I am strongly long-side bias in the night session since I posted that comment about the turn being in (and was it ever). If this keeps rising and rising I'm all smiles. But, I am not going to be upset in the least if it checks backs in here and that gives it the strength for another big burst up, either.

And, could it be done at this spot? Of course it could be. I didn't want that last post to make it sound like it must go up, and that's that. Any time I get to an upper level I am ready for a possible turn. Throw in a super-key line, and a turn is always possible. All I can do is react to what it does, and then on to the next trade, so to speak.

And lo and behold it does check back right off that spot. The move was 10.50 points total to the recent high where I was noting it had made it to near the third level. Good range for a very short-term trade, and a good start for one who may be riding through this pullback, on all, or some of the position, if one thinks it is going higher. All just my opinion, of course.

And it goes to dump city right off that high. That high was right off my key line to the tick on my charts. This is why I mentioned what I did in the two posts right before the one directly above. I had a lot of respect for the area.

I did think the highest probability scenario was a checkback and then right back up, but some sellers came in on the European open. Maybe they just want better prices, and then they'll drive it up. Maybe it's going to actually start heading down again. Time for some more 'bad news' out of Europe. I don't know what it's going to do. I just look for setups, and do what I do. Just as I'll watch this reaction off the session lows and see what it does.

hard to imagine the market is not going to move higher based on the number of completed abcd's at yesterday's lows....

Nice Kane 4 PCP ABCD completing at 0.236 fibo and the ML Lower //. Nice Kane DT ABCD, outside standard Kane ABCD parameters, completing at Point B of 4 PCP ABCD and ML Lower //. The markets baffle me. Such beautiful congruence. I need to "hit" the Kane books again for guidance and inspiration.

Good Trading,

Al Kamego

??

Wow, did they shake the tree all afternoon on the 1 and 3-min timeframes. I'm seasick. Glad to be able to take a break now. Pretty exciting stuff, though.