I'll start the new week off. I'm watching around 16.50 for the ES, there is a lot of stuff there. Like I said, it could push a bit higher, but there is a lot coming right up in here, and if that doesn't check it back a bit, that would indicate to me immense strength. I'm still looking at my higher timeframe scenario, with two areas. Let's say 1830-60, and around 2000. Both are technically solid areas, but I like the 2000 area better (although, admittedly, it would take a monster blow-off to achieve that) for several reasons, one of which is it would set up some harmonicities that would be remarkable.
I am still watching that possible new proprietary timing thing that has this rising until Oct-very early Nov, and then a final push into Jan. It would be amazing if it was destined for the 2000 area if it did that first time area pullback right off that 1800's area. I had said I would post something on the bear market and oil at perhaps $250 this weekend, and I may, or I may get to it 'later'. I'm just one person, and a person with limited energies, so I'll do the best I can...
JI
jimkane
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Now, let's not get the cart ahead of the horse here, bit if this area gives way and they sell, the key area is 76.75-78.75. Watch the GZ on the way there, though, as this is set up perfectly for them to pick it up there.
JI
jimkane
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Okay, there's the reaction. Let's see if it now heads up to that 91-92 area, as first expected. It took awhile to wake them up, but they did what I wanted, my technically pretty scenario with the ABCD at 85.25. Amazing, huh? Still, this is a tough overhead area, and this pop may not sustain.
JI
jimkane
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Posts: 33,089
Now, understand this. This is a classic 5-wave here, which hit the high end of the posted grouping, and did so with a 'break' of the key lines, a perfect trap setup. So, although I am expecting it to run until close (if it handles 91-92), we may have just seen a perfect trap and that's it.
