starting the topic a little early

Well, if I had any doubt on my reads on this, or that 60.50 area, it's gone now. ES 67.75, a full 7.25 points off the low so far. They may sell this bounce at some point, but look at the Euro. It traded down to where? That 1.3000 to the pip (basis June futures contract), and in they came. Too funny. 'Risk on'.

Originally posted by jimkane

Anyway, watch this area starting here at 60.50 (put the bigger GZ on) in the ES, because, regardless of how they tricked me on my read last time, I still think they desperately want to try to run this up. All I'm saying is if I'm on the short side I am going to be very cautious. Perhaps I needn't worry at all, but I'm going to be very 'jumpy', because I trust 'em as far as I can toss 'em.

Zigzag

I just reread "Kane Trading on: Trading ABCD Patterns." And there it is! You got to love this KaneTrading methodology!

Al Kamego

On the 2 min RTH, that Kane Alternate ABCD reversed at a 1.128 DBS/0.886 fibo. Thanks Jim, roofer, and all the other Kane Traders.

Al Kamego

Big clue here at this bullish 2-min ABCD at .382.

Watch this bigger bullish ABCD at 66.25 here right at a key line. This is the next big clue spot. I would strongly suspect some kind of response off this. Of course, I'd prefer them to kill it...

My mentor students will see at least a quadruple line convergence (do not post this) at that 66.25, with an ABCD. If that doesn't produce a response, what does that say?

Now, I'm not going to draw too many conclusions here, since I still think 'they' are 'artificially' supporting this level, but consider this. A quadruple line convergence and an ABCD, and it slightly bounces it, it 'retests' the level, does another anemic bounce, and then takes the level out. That's weak. But, alas, it isn't really selling, either. So, it may all be part of some 'basing' here and then up it goes for awhile. But, at least for now, it isn't strong. This could be an exciting overnight session. As they discussed over on Zero Hedge, 'they' are mistaking the rising Euro from repatriation as a 'risk on' signal. How stoo-pid.

So, is everyone watching the Big Dog? Down about 66 from its recent high. How about PCLN? Down about 76 from its recent high, down about 36 today at its low. When the last few leaders finally give way, I think it's over. CMG is also finally starting to give, but AZO is still strong. I think we are getting really close. What would be sweet beyond comprehension is for Facebook to cancel its IPO due to 'unfavorable market conditions'. That would really mark the end.

BTW, we are seeing some nice (and I mean nice) additional selling coming into the ES here in the after-cash. I can't even describe the smile on my face when this sells at all...

Just as a funny aside, AAPL was well over 200 dollars above its 200-day MA. And that seems to bother no one, as the most held stock by hedge funds kept being bought at daily new all-time highs...

Watch this mini GZ here. I just don't trust 'em...