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...

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz. 7.25 point range. At least they expanded it from yesterday's 7.00 point range...

Right off the ABCD.

Careful now in here at this potential 'completion point'. This isn't 'advice', just a technical observation.

It sure saw that area, didn't it? I think the next stop for this would be the area from the ABCD at today's LOD in the premarket. That would put it in the upper 90's to 1300, give or take. That is, if it keeps rising. The insane chop up today is very weak. Since the game changed in '09, and all the machines took over, I have seen this kind of action break up, impulsively, many times, so it's not off the table. But with all the bullish sentiment, it is overdue for that quick snap down, so I'm ready for that.

OJ (for you futures traders) limit up yesterday, limit down today. Too funny.

is this big 1.128 dbs meaningful?

So, gold has a hugely obvious TL coming in at an EXP ABCD with lots of other things confluencing, in the upper 1600's to about 1700. Do the work and you can pinpoint the area for yourselves. It's better than if I just state the area. Notice the 1.272 is at 1676, as is the key .382. The next level (C'mon, folks, you know where I mean, and why) comes in at the TL (s) and other lines. I'm not saying I think gold will necessarily respect this pattern and area given that I expect an imminent 'leak' about QE3 due any time now, but who knows. I just know it's a key, key spot, and I am going to be watching it very carefully.

Two areas specified by Jim. Incredible how the blue Schiff ML was respected before it all points needed to draw it emerged.

Originally posted by jimkane

So, gold has a hugely obvious TL coming in at an EXP ABCD with lots of other things confluencing, in the upper 1600's to about 1700. Do the work and you can pinpoint the area for yourselves. It's better than if I just state the area. Notice the 1.272 is at 1676, as is the key .382. The next level (C'mon, folks, you know where I mean, and why) comes in at the TL (s) and other lines. I'm not saying I think gold will necessarily respect this pattern and area given that I expect an imminent 'leak' about QE3 due any time now, but who knows. I just know it's a key, key spot, and I am going to be watching it very carefully.

Flat ABCD on EUR/USD ?
Even if not, the lower area provided tradable reaction (at least for scalpers).

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