Due to my ongoing health issues my posting this week is likely to be very light, or non-existent. Don't spend any time worrying about me, I just wanted to point out why I may not be doing much in here.
As for the market, you know the two key areas I'm watching for what I would hope would be a shortable bounce.
JI
jimkane
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Posts: 33,089
ES moving right up to the area I mentioned in last week's discussion ("...I'm 'afraid' (and Tim Knight was talking about something similar and he felt sick about it) it may want the low 1400's..."). No real surprise. Notice what it did. It does that sideways chop endlessly into the European open, where they do what? Sweep it down hard, making it look like a panic sell. This sweeps the stops hard, and then they do what they intended all along, run it up. How much up? 20.25 points sweep low to high. Seen that number before? the 20+ point in one straight move magic. These guys never change.
As far as in here, now, I have various 'sub-levels' to watch. The start of my area was hit today. The meat of the best area is say 12.00-17.50. But some things start around 11, and a big 'overthrow' could bring it as high as say 22. So, although I'd like a very tight area, a combination of how many things are coming together in here has the effect of widening it out, it is a much higher timeframe area (this may act like the bigger 'W2' retest and it heads into 'W3 of 3') so it will be wider than a very short-term area, for example, and since 'they' know what is about to happen, they will want to make this transition as difficult to trade as possible for the greatest number of people, so I'd expect it to be challenging.
Hence, it's all about price action for me now, not the levels anymore. 'It's there'. Now I see what kind of ending moves it does, what kind of price flow breaks and triggers, and so on. I hope it pushes deep into the area...
As far as in here, now, I have various 'sub-levels' to watch. The start of my area was hit today. The meat of the best area is say 12.00-17.50. But some things start around 11, and a big 'overthrow' could bring it as high as say 22. So, although I'd like a very tight area, a combination of how many things are coming together in here has the effect of widening it out, it is a much higher timeframe area (this may act like the bigger 'W2' retest and it heads into 'W3 of 3') so it will be wider than a very short-term area, for example, and since 'they' know what is about to happen, they will want to make this transition as difficult to trade as possible for the greatest number of people, so I'd expect it to be challenging.
Hence, it's all about price action for me now, not the levels anymore. 'It's there'. Now I see what kind of ending moves it does, what kind of price flow breaks and triggers, and so on. I hope it pushes deep into the area...