And they're off ;)

It wants to break down. It wants to break down bad. But will they let it? Are they looking for better prices for the next pump up?

Oh, and yeah, as an addendum, I want it to break down bad, too.

It's probably just looking for that 87-90 area, if they let it go here, which they sure look like they will.

so, you have a good old fashioned break out above the red line.....a market that has done a great job of frustrating the bears and bulls at every turn....a trading environment where every swing has been significant and set up by the tools (if you can find where they keep hiding them), and now price at yet another confluence of lines with time saying be careful...




just a garden variety pullback to the big .382 at the median line is a decent move and just enough to frustrate both sides

Watch this bullish ABCD here at 95.50 area. Big clue time.

Darn, 90.50, I was off by two ticks. Actually, it's always an area and then it depends on when the entry trigger reaction happens, it's never an exact point. Also, although I generally post just the very center of the area, this time I basically posted the entire area, which I just eyeballed. Point is, what I posted and what it did is about the best I can do with the methodology, and I feel it is good enough to meet the requirements of the PTA aspects of a 'Trading Plan' for me.

Originally posted by jimkane

It's probably just looking for that 87-90 area, if they let it go here, which they sure look like they will.

BTW, I suspect this bullish ABCD will not produce the usual reaction.

Okay, watch this higher low 'retest' here. This will tell the tale, to me. They need to real hit it here to the upside, or this ABCD may 'fail'.

Bearish ABCD level here at overhead TL. Now we see. It actually looks like it will blow out to the upside.

I just don't see this having much more left in the tank to do anything here, but, if it gets going, there is quite a convergence just at and slightly over yesterday's high (1403.25), and I could see it wanting to probe over that high.

The way it looks, though, if they gap it up and over Sunday, that may trigger a pile on, and my initial scenario could play out. I think the odds jumped up quite a bit with this reaction off the ABCD and strong close on a Friday. Maybe 75/25 now with this action?