Interesting spot on the euro. It may be the end of a large ABCD on a daily time frame or just a W3 completed with W4 forming bullish ABCD on H1.

This should be rolling off the HOD here (if things were the most technically 'nice', I mean). But, alas, I suspect it will just check back a little, maybe only to here, then grind up some more. Nonetheless, I can be hopeful I'll see some action off this high after the nice run up off my first area last night, right to the expected area. Too bad it could barely touch the first level only, but you have to go with what it does, not what you'd like the most...

Okay, there's the first minor area there. So, watch closely. I would be saddened if that's all it can do. But, I've been pretty sad since Mar '09, as we all know.

I'd think they'd want to come in somewhere in here. I'm hoping not, but somehow I can't imagine them letting it go.

That 15.75 is probably it. Or it may need a few more ticks, 15.00 or so. We'll see.

I sure would like it if this continued down here...

Well, let's see if the quick drop to 15.00 (dead hit on the TL, .382, etc.) ends the down move, or not. With the volume spike, it very well may.

Yep, 15.00 was it. About 2.50 hours for a whopping 4 point drop. And that's likely a drop to be respected in this market.

Well, it looks like it is going to go right back to new highs off this area here. Again, back to the first place possible (by the methodology) and off again to the races. Even though I think this is highly tradeable action, it honestly disgusts me. I think in the pre-2009 era I was a lot less 'emotional' about what the market did. You'd think the bubble days, and the $70-$100 daily swings, or more, in tech stocks would have really got to me, but in those days I was a beginner and didn't know any better.

Anyway, I'm looking at around 23-24 next, and then upper 20's. But, if this hits the upper price flow and can now only check back four points, it's breaking the mold, to me, and is likely ready for a 'throw over' move to the upside. Again, this disgusts me. But, we are forced to trade the market at hand, and that requires being good at the hold the nose and buy technique. Oh, well.

Cable bottom could be in, 1.272 ext, multiple ML touches. Waiting for a nice ABCD to go long.

Okay, I'm up from a looooooooooong nap, but I see I didn't miss anything. I'm just sitting here hoping this rolls off this area, but knowing the odds favor more upside. Can't they at least give us the obligatory sell in the European session before they run it up in our session? Please?

Originally posted by jimkane

And in the last burst it does indeed make up the drop. Have a good weekend.

You, too.

Al Kamego