So, although I see almost no chance (okay, perhaps one in a million) that this will open anything but up, and then rush up even more, I'm watching 1233-34 if this 1240-41 (Friday's low was 1242, close enough given that 40-41 is the center of the area, not the entire area) doesn't turn it. Like I said, though, it's Sunday night, so it should gap up and run, right?

One scenario is they bring it down a bit more, and then QE3 is announced, along with more Euro bailouts, and then we start Carl's march well into the 1300's, and then beyond. I think they will print until the collapse, as I've always said, and printing almost always leads to higher asset prices. (The value usually declines in reality, but the 'repricing' in devalued dollars has a higher number, like when Zimbabwe went into hyperinflation and in Zimbabwe dollar terms their stock market was the highest performing in the world (from a percentage standpoint)).

So, I think it is just a matter of does it go straight up from here, or do they bring it in a little first before all the additional intervention drives it higher. They may also bring it up a bit, and then down into the early AM, to get better prices, and then up tomorrow. I've mentioned that game in here frequently, too.

Got gold???

And yes, 37 here is an area. I know that's a lot of areas, but they are really smaller levels as this rises to a bigger area. It may not get there, but I'm looking for key areas to trade against, and lesser levels to use as management for existing trades. That's the use of all this for me.

So, if the levels are so close, how does this help? In some ways it is not that useful. What is useful, to me, is that key area of the 'backtest'. What I mostly need to see is how this gets there, how it acts. When, as far as pre-European open, or European open it happens, and so on. Much new information should become available that I can use. It also doesn't help with the rollover anomaly in the data.

I just know there are several levels in here that this may struggle with, and for a long-side play off that incredible 24.75 low, I am watching how it handles them. They are very short-term levels, hence they are so close. If they get handled, then the 'backtest' area would be a signal for me to tighten up management stops quite a bit, and see how it handles the area, and if a short trade may be triggered/warranted. That's the best I can do to clarify this one. Some are crystal clear, some not so much. Reading unfolding price action is a big factor.

Originally posted by jimkane

So, is the backtest around 47-50 next? There are some nice lower timeframe levels around 40-42 and 43-45, and then the breakdown area from that range top mess we came down from, around 47-50. I think it will get in there very, very soon. At least, I know it wants that real bad. Tomorrow is the 'big day' for Euro news. How many trillion will they print?

Well, now, it sure 'saw' that 37. But, watch in here as it hits the most likely checkback area, and let's see how it handles it. This gives it a nice place to push up for the next leg. But, it may be done for now. Watch how it acts. We are studying this together, right now, as it unfolds.

Originally posted by jimkane

And yes, 37 here is an area. I know that's a lot of areas, but they are really smaller levels as this rises to a bigger area. It may not get there, but I'm looking for key areas to trade against, and lesser levels to use as management for existing trades. That's the use of all this for me.

And that's why I mentioned 37...

See how it acted when it hit the critical .382/.447 area at multiple line convergence and key Fib area? Right through it. Big clue.

Kane TD ABCD completing at 0.300 fibo in the preopen.

Al Kamego

So, the pre-market early AM and RTH AM highs were 43.75 and 44.25 respectively, and then it has hit 49.75 on this last push after the nice 11.25 point checkback off the last level (and a second checkback on the 'retest'). It made it to the 'backtest' I posted, and it stopped it dead. Cool.

Originally posted by jimkane

So, is the backtest around 47-50 next? There are some nice lower timeframe levels around 40-42 and 43-45, and then the breakdown area from that range top mess we came down from, around 47-50. I think it will get in there very, very soon. At least, I know it wants that real bad. Tomorrow is the 'big day' for Euro news. How many trillion will they print?

Well, they pushed that 'backtest' to the limit (it's clear on say a 240-min chart), but are we going to see something now? Hard to bet against the last hour on a Friday when it is up huge. So, as it hits the most obvious 'support' here, do they just gun it right back up, or does it put in a lower high 'W2' and dump? We'll see.

Could this sell down here and break this price flow support? I don't see it. These maniacs only know one direction on Friday afternoons. They'll likely hit this little GZ in here. If they did sell a little, I'm looking at some layers around 43.00-43.50, 41.00-41.75, and 39.25-40.00. They are close because they are 'sub-levels' of really one area. But, watch this GZ here...

And yes, it's a little bullish ABCD at 46, in case it gets there (yeah, right...), and they want to gun it back up. Watch this GZ for clues...

And, drum roll please... right into the after-market close they hit... wait for it... oh, the suspense... 54.75. How did he know this? How??? Get serious, how is this possible?

Originally posted by jimkane

Now 54 and change in the after-market???