Just a few hours until my favorite trading time of the entire week. So, how big a gap up today? Slight gap and run? Big gap and slow grind up? After all, it's Sunday in GLOBEX, the only direction is up, right? Recall how they closed this right at a key area. Now, geometry says this may be headed down, right? Yet they like to gun things on Sunday night GLOBEX/Monday. All starting from a big coil. I can't wait...

Originally posted by sirios

Thanks Albert. Nice to know that someone is also on bearish side because I feel like a fool.

Originally posted by albert

Kane EXP ABCD completing at 0.382 fibo in the 0.886/1.272/SL Zone. My rule is to never trade against a Kane ABCD.

I side with Sirios in his bearish view of the market.

Al Kamego

sirios, you are welcome. I think the market is made up of people (or computers) with different opinions of the market direction. I may be "right" or "wrong," but I tell myself that I am just trying to trade profitably.

Please keep up the great work.

Good Trading,

Al Kamego

P. S. I do not think you are a fool by any means. Isn't trading about being contrarian to some degree?

This layout is a perfect example of the 'chop in the low end of the range' day thing I discussed before.

As an aside, it looks like it will easily set a new low in here soon. But, watch the ABCD it could form, the GZ, and this nominal new low here compared to the swing point right there to its left. Watch to see if it shows a lack of weakness.

Keep an eye on 74.75-75.75, and 73.50-74.00. In reality, that means 'somewhere in here' I think they may start the game up again. There are two 'sub-levels', but that's all they are, sub-levels of one, more broad spot in here. We are three ticks from the top highest level (and those are center of areas), and the 1.272 has been hit, so it could start any time in here. Now I watch price action. But, I can still wish/hope it sets a new LOD, can't I?

Quick move to 75.75 and it 'sees' it. Now we see. I'm short-side bias in here very short-term intraday, so I hope it doesn't see any of this. But, I know the game and the layout well.

75.75 is also dead on my best line here, too.

So, will it bounce to 78.00-.75 next? Or fail at this mini little .382/.447 here?

Watch the obvious overhead TL here. It wants 'up', though, you can just feel it.

Just 'too easy'.

Originally posted by jimkane

...It wants 'up', though, you can just feel it.

Let's watch 79.50-.75 next.

So, if this is a bearish ABCD forming here, the 1.000 is at 85.75. That would take it above the 'chop in the low end of the range top' that is already established. We'll see. It's acting like it wants to do that, or even be a 'W3' here, which might push it up to 92 or so. It's just giving that look like it had yesterday, something they do a lot lately ( and it is Friday), which is try hard to make up the entire drop. Let's see if my theory holds again, as, in my experience, it usually does. 'Chop in the low end of the range'.

Monday holidays are great, you get to play tennis on the weekend at the weekday rate