Looks like the right shoulder ABCD of H&S (head courtesy of roofer's Mr. Spikey ) has been formed, but the price is still far away from the neckline.

61 stopped it dead and is drawing a small reaction so far. But, will it bring it in to any significant degree? Well, they are still playing there 'bring it in for better prices into the morning and then gun it up big all day' game, so maybe it comes in here for better prices, then another leg up tomorrow. We'll see.

Originally posted by jimkane

Just woke up and decided to do a quick check. This may be done here at this 57.50, but I doubt it. I also have a powerful area at 58.50-60.75, so watch that. Okay, back to bed.

Hmmm, will they actually bring it in a bit off this key area? Imagine if they actually rolled it over off this area. Well, at least I can dream...

Gold up 117 and change off the low. I knew it would get at least 100 up off that low. Now we see if it will actually go anywhere, or if the next leg is coming soon... I've heard some big players talking about close to 1,000. I want to see a 900 handle just once...

Watch this ES 51.50 very closely.

Key spot. Neckline just below the MLs and Fibs crossing.
Guys, have I told you how much I love Kane Trading?

BTW, I use Fibs for SL placement. I started with .382, then .3 and now it's .236 +2 pips.
For entry trigger I used MA5 and MA10 crossover as price action to the PTA was quite fast.
Entry: 1.3077, initial SL at 1.3093, over the top grouping.
Sorry not to place it all in advance, but once I started writing after opening the position it dumped heavily so I had to concentrate on PA.

The black TL stopped it just 4 pips over x-marks-the-spot for now.

DB ABCD

Without this DB ABCD I would close out part of the position after the price closed above MA30, but given the context I don't do it.

if the intention is to break it out to the upside, this coincidence is quite a tease...