Well, just a few hours, and then we see how serious they were with that monster drop after the jobs report and that 45 minutes of trading time they had. This is going to be quite interesting, and I've been anxiously awaiting the open...

crazy stuff....it could want that lower line but there's no question it stopped moving down in an interesting area

Snappy little drop off 68. Now 64 is a key line area, so we see if they are serious about selling, or just bouncing it up and down for now. I suspect the sellers want to reassert themselves. Whether they can or not from this low, well, that will be telling.

So, I'm thinking this is most likely to head to 60 next, or 60 and then really sell. Before the recent top I'd say it will head up from here now, but the character has changed so much, I'm not seeing it. I'd be surprised if it didn't head up from here, and lately all I've been is surprised, so I'm thinking 60, and then we see if they are going to crush it.

60 is coming in a flush, I think...

This is holding on by a thread. If they can't come in here, swooooooosh.

Amazing, isn't it, how 'they' know exactly where to come in or there will be trouble. And so do I, as you can see. Now, this is back to 'price flow' with a potential bearish ABCD. The beat goes on. Clue time. Just playin' detective.

That's what I'm talkin' about! Look at that pop as the ABCD gives way, then the TL. Now it's free to sail. What a shakeout!

Okay, now I'm keeping an eye on this 69ish area, which may be an issue for it. I think it's 'all clear', but if not, this could be an area to watch. It looks like mid-70's is next, though, if it has legs. I can pinpoint that area much more precisely, but for now I'm not going to post it. I want everyone to do their own work and narrow it down. I pretty much already posted the key things for it anyway.

No real resistance at that 69 area, but notice how it popped when they took it out. 71.75 so far. 'Looking good!', as Chico used to say on that old TV series Chico and the Man. It's getting close to the start of the area mentioned awhile back. Notice the monster overhead downsloping TL's that start to come in here, from say a 60-min all-sessions chart. The previous drop's low? 71.75. The game starts right now.

If this can trade into that previous swing, and take out some of those TL's, that could produce some nice pops up as stops get hit. The mid-70's area, and then the low 80's could happen fast. The bullish talk should be ramping up steadily as this rises. I'm ready. I am loving this action. I really don't care what it does, I just love action. Movement. Especially if it is technical, and I think this action is amazingly technical.

Although I think the odds aren't very high for this scenario, could it just dump right from here? Yes. I am watching to see if they might do this. Why? Perhaps it is so obvious that no one thinks it could do the obvious, and so if it did it may fool a lot of people. Just be aware it could happen.

Originally posted by jimkane

I'm glad you are okay.

Jim,

Thanks for your concern. Sorry to cause you any distress. A little note from me would have helped. It is good to be in contact with you the Kane Traders again! I think I missed some good trading. Well, I hope there will be more opportunities.

Good Trading,

Al Kamego