No charts. Just opening a new topic.

So, I'm guessing after seven trading days in a row with the same pattern (not pattern as in ABCD), this will now shortly go into a narrow, choppy range for the rest of the day.

rat, can you explain to me again why you use the .768 instead of .786?

Originally posted by rat89

so many fibs were in play at the low yesterday, that I have to go back and just keep drawing....we had .685, .768 and 1.128 in an 8¢ box. if I was more focused I might have seen it coming better, just an example of how you have to look both ways all the time...

yes or no? a good case can be made for the importance of this mornings low in the big picture.... but i am sick of trading for the day and have taken at least some of my position from line to line... so yes... out at line and back to garden...

why the low may be a launching pad

Time to be really ready...

The way the world market ETFs are looking right now, they seem to be starting what might be a big leg up now. It's something that turns my stomach. I was hoping they would finish their bear market from here. This might (even though lately the correlation has been almost zero) start us up in our next leg. On the other hand, and here's a far out thought, they rotated from us to them... Not likely, though. Anyway, look at FXI, EWW, EEM, EWZ, RSX, etc. Notice I didn't bother with EWJ, that's a stand alone animal.

Watch closely in here. I'm not saying anything will happen, only if something did, this is an area it may start from. The pattern (which has repeated perhaps the most I have seen any pattern repeat in a row since the machines took over) would not have any selling here, just chop. If they 'break' the pattern they'd probably do it by just continuing to rise, not sell off. This thing is prepping, IMO, for the next leg up on the higher timeframes.

The Euro looks as if it wanted one more leg down to 1.3220 area.

I think the price action lately, this pattern, is the most bizarre action I have seen in my entire career. I honestly have no idea why this is happening, who is behind it, or why they are doing it. Okay, they do things generally to fleece people and make money, but I almost think this is like an ego thing, to see if they can do it, or something like that. It is truly bizarre.

An early version of this started actually just over a week before this full-blown version emerged.

Thanks Jim and thank you for the offer. Please leave my latest posting in the main discussion threat, where it is. The chart seemed worthy of comment at the time I looked at it, but now, not so much. It probably points out that I need to follow price action on the 15 minute and higher timeframes more, in order to see more, as you have pointed out in your books. As usual, the Kane ABCD covered the price action beautifully.

Al Kamego