Wow, that was a sweet little 1-min bar stop run breakdown there. I love it. Maybe that's all the downside it has, though. You know the games they like to play before they do a Sunday night GLOBEX/Monday run up. But, one of these times we'll get some real downside... It's sure all set up for some right now, as discussed previously. I'm patiently (Hah!) waiting for it...

The best 'W2' area would be around 18.00-20.50, based on my work. But, understand, trying to play 'W2's' is a fools game 99.99% of the time (not an actual stat, this is a figurative statement) unless the high is a clear PTA unto itself. Can we say, unequivocally, that the recent high was the top??? Then I'm not expecting the 'W2' area to do much. If I don't see harsh selling hitting in the next few points (are you kidding me...), I am expecting new highs for the move ASAFP. Just my thoughts.

This is it.
Your back's to the corner.
This is it...

The waiting is over, no, don't you run.
No way to hide.
No time for wonderin' why.
It's here, the moment is now, about to decide.

From 'This is it' by Kenny Loggins.


Too bad, I already know the decision...

So, it did go a little more, as mentioned in that previous post, and then came off 4.25 points. But, that's within less than a tick of a key .382 and dead on my most key line. So, will that send it up, or will this little .447 bounce off it be all? I can't wait to see if the do indeed dump off this high area in here at 13.25. It would be so technically nice if they did. I'd even be happy if they did the 'W2' and dumped it. Anything but continuation off that sweet ABCD at today's low.

Why? Why 'wish' for such a nice setup to fail? Because I want the higher 'context' 'top' to be in, so that big fractal layout plays out, the May 2011 high was the start of a new bear market, and this high in here is the bigger 'W2' before a big monster 'W3' down starts. I want to see that a lot more than I want this great setup to play out. Plus, if it fails, that's a big clue. But, I doubt the Robber Barons will give me what I want...

I wonder why the ES reversed so sharply this AM? Yes, it was an ABCD with an ABCD in the BC leg. Yes, it had the key Fibs I look for in there. And yes, it had some incredible lines right there. But never overlook the obvious. This was a critical factor, to me.






Chart created on QCharts, courtesy eSignal.

Now fail, you bee-atch!

Is this possible that it is another expanding ABCD variation with BC = 1.618 of AB ?

Originally posted by jimkane

I wonder why the ES reversed so sharply this AM? Yes, it was an ABCD with an ABCD in the BC leg. Yes, it had the key Fibs I look for in there. And yes, it had some incredible lines right there. But never overlook the obvious. This was a critical factor, to me.

I've been asked that a lot, and I generally don't find the pattern to be very reliable if the parameters I mentioned in the book get exceeded, especially as far away as the 1.618. But, that's just my experience.

So, ES hits another new high for the move, crude a new high for its move, and gold at another new high for the entire run up from the Dec low... Risk on. I don't know how they can do it, but they seem to be able to.

Sorry not to place lines at green d point, but the low of the last candle is within a nice grouping of retracements. abcd itself isn't very harmonic but the grouping and lines looks promising.

The second grouping is around the level of green b point.

I think it also pays to look at other markets when doing 'intraday swing trading' (daytrading to most). Gold, the currencies, and crude were anything but dead today.