Welcome back everybody! I just returned from my longest holidays in many years. And it looks like the best trading action of the year started just after I left and lasted for whole that period... Coincidence? :-)
Fortunately charts tell us, that it should last for at least some time to come:

Well, well... Not at a spike line, but at 2 other lines was this potential 3D completed:



Will it move in one strong move to the major ML as usual?

If what we see is a BC leg of larger correction, it has two groupings supported by ML upper // to finish.

Originally posted by jarek

...Will it move in one strong move to the major ML as usual?

Nope - .447 at the price flow didn't allow for this:

No pattern here, but geometry was respected for potential W2 if this keeps dropping:

Like I thought...

Originally posted by jarek

... gone with the wind as well. This is almost 100 points up since Friday's bottom with the biggest correction of 16 points. WOW

Posted-08/28/2011 : 23:45:03

Originally posted by jimkane

Nice analysis, jarek. I'm leaning heavily towards the upside scenario myself.

Watch this bullish shortened ABCD here for clues. I'm thinking it may not send it up to a new high for the move.

Now, 21 here, at a key line, with a better formed ABCD, this may do something. Big clue time here. If the bulls still have any control, they have to hit it here. I'm short-side bias intraday right now.

And after a 'retest', up it goes. I'm watching 24-25, but likely it's headed to new highs now.

Watch this little bearish tick DB ABCD here, too, just in case.

finally...