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jimkane
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It's a nice 1-min bearish ABCD. But, I am concerned, they may want to suck in everyone on both sides and shake 'em out, then head down. So, I'm trying to suss out (no, I'm not British, but I like the expression) how they might do this, then plan around that.
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jimkane
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And we do have a nice, classic 5-wave at the LOD, and many will see that.
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rat89
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there were so many fibs in there at the low, even an almost .886 .....it was too tempting ;)
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jimkane
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Okay, this is dangerous for it here, and I'm sure they know that. Any drop here and KIG. So, watch closely, and see how they behave.
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rat89
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There is some amazing symmetry in iwm at the moment. Was there a bullish abcd that ended in early august or is this a bearish abcd ending somewhere around the current level? Or both? Whatever it is, notice the relationship of the february low to may low, and the early march high to early july high - virtually symmetrical low to low and top to top. Then note that the early august low retraced .786 of the may - july move up from 107.03 - 120.51. Now we have price retracing between .685 and .786 (shown in blue box) of the july - august move down from 120.51 - 109.86. Trace the age of the median line sets with new sets being added after each turn, and price is now at a confluence of lines.
Click image for original size
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jimkane
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Nice work, rat. Yes, the symmetry is remarkable, one of the many things I see when looking through the eyes of the tools we use here. There is so much going on when we know how to look. Your work shows just how important this area is. And notice how the ES is at new all-time highs, again, but the Russell is not. What I wouldn't give for that IWM chart to roll down hard, and the ES to follow, right off its new all-time highs. Like I said, 'they' have to be very careful right here, and I am 100% sure 'they' know that. If they aren't careful, well... swooooooooooooooooooooooooooooooooooooooooooosh. At least to 83 area. But even if it does, whoop-de-do, a whole 28 points down. Big frickin' deal. I wanna see 400.