Starting it off.
I hope to be more active this week.

There's that low 70's, anyway.

Originally posted by jimkane

It needs to hold here or it may see the low 70's, and it really doesn't want that.

So, let's see if that bounces it at all. Note the obvious TL here.

I'm hoping it dumps to the next level.

ES reopens. Time for some more down.

I'm excited about some downside. What I'd really like to see is 54-57. Sweep out that low from yesterday. That would be fun.

Originally posted by jimkane

Now that they are finally selling this, I hope they can really drop it down a bit. I'm thinking I'd like to see the low 60's, or even 60 itself.

And it hits 61.50 before the big bounce, which goes right to a H&S at a super-key line, the upper // for the obvious natural set.

Originally posted by jimkane

I'm excited about some downside. What I'd really like to see is 54-57. Sweep out that low from yesterday. That would be fun.

Then it drops to 54. All movements today in smooth trends Yes, the bounce on the way down would trigger one out following the methodology as I see it, but then it set up for the next leg into the area (and one may have tried countertrend, since it was off an area). I rate the action since yesterday, on a scale of 1 to 10, a 20. But that's just me.

Bounce time.

My recent students should surely see why this area would produce a bounce, I would hope. But, when they are selling this hard, I'm not looking to pick any bottoms just yet. Countertrend, maybe, bottoms, no.

This area here is an overlaps of at least three price flows. Amazing.

It will be interesting, in hindsight, to see what the triggering event will be that takes the system down. There seems to be a big push by TPTB for us to go to war with Russia (and/or China). Will that be it? Escalation of the Middle East wars? Maybe Israel winds up firing off a series of nukes? A bank blows up, and starts the cascade of derivatives? A natural disaster? Another big quake right on Fukushima? There's no way to predict it. I liken it to we have a hundred story house of cards, and we are trying to determine which day the wind will take it down. I think the better approach is to know it's coming down, be as prepared as possible, and let it play out. We only want to know exactly so we can profit wildly from it. But, only the insiders might see when it's coming, and maybe not even them if, for example, it's a natural disaster trigger.

Another day where I rate the trading potential off the scale. Right off the area yesterday and basically straight up 31.75 points. Who could ask for more than that... Some day we'll look back and remember how wonderful the trading action was. For now, I just want to appreciate how incredible all this manipulation is, from a trading perspective. Again, all just my viewpoint.