I have nothing to say, but I'll kick off the week's thread

Yep, right off the area. It was 'basing'. Is this 'W5' now? New highs coming? Or a bounce and roll? That is, indeed, the question.

Yes that is the question. I'm thinking new highes might be the most likley scenario between 1559-1562.

Sorry not to post today, Jim. I had a very busy day.

Originally posted by jimkane

Thanks. I thought maybe no one was here at all. So strange to not have any posts of any kind.

Originally posted by fib21

I'm here......

Here's a fun little post. Today I saw what I think is the largest confluence of lines that 'came naturally' via my work (as opposed to a lot of curve fitting to try to get a lot of lines in one place). All this just came together on my chart. There are even at least two right in there not shown, and possibly more (depending on what I want to include). Here's a closeup on the 60-min. I don't want to show in here how I did this, some of it is 'proprietary'. I just wanted to convey the idea. I'm not saying the goob-er-mint won't just manipulate it up and over. I'm just saying this was where I expected (as posted last night way in advance) any long I might have would be done. Now you see why I posted that area.






Chart created on QCharts, courtesy eSignal

Now, that's a confluence!
And a puzzle too

me too....was out selling a house

Originally posted by MarcinO

Sorry not to post today, Jim. I had a very busy day.

Originally posted by jimkane

Thanks. I thought maybe no one was here at all. So strange to not have any posts of any kind.

Originally posted by fib21

I'm here......

retest .768 at line

Now, I sure hate to see that amazing confluence give way, but nothing trumps goob-er-mint manipulation, so if they want it up, it'll go up. Period. End of story. Anyway, it is looking very strong off that last correction, if fact I probably won't even finish this post and it will be at new highs for the move. My view was to not look for a long off the last pullback against the confluence. If that confluence does give way (and they are looking like they plan to take it out now instead of at a usual time, like European open or our open), to me that really says something. So, I'm happy for those that were willing to take a new long at that last dip (the 'near perfect' 'W4'), but I couldn't even consider it with an almost once in a career confluence there.

So, if this continues up (right now it looks almost certain), my levels are 56.75-58.00 and 62.50-63.75, give or take. It depends on when it gets there, as line slopes change the levels over time. But that's a good start. In the meantime, watch the obvious TL coming up here in a few ticks. You might even watch 54-55 to see how it acts there. My viewpoint in here is basically 'don't know, don't care'. I decided against the sweet 'W4' area, so I'm not able to do squat until it sets something up again. That may not even be until after the Fed meeting, who knows.

BTW, the above is my straight analysis, no sarcasm. Lots of my previous posts were loaded with sarcasm (as usual), and comments designed to reflect depression and resignation over manipulation in the face of horrible news. I was trying to convey some points. Some, it seems, are just getting confused by my usual teaching style. So, I'll either just stop commenting (and post levels, assess them as you will), or just stop altogether...

Note that when looking at my levels above, the first is just about at (but slightly under) the 'bull' market high, and the second one is a new high. So, although if it takes out the confluence it likely would want the new high, it is possible, though I think less likely, they might play a game with it just at or below the previous highs.

Another backtest of the blue ML?

Bah-dah-dum, the Vegas rimshot drummer goes. (And yes I know it is commonly called a rimshot but technically it isn't at all...)