Starting it off.

So, you don't like that 43.75, huh? I thought it was at least worth seeing if it had anything to give.

This is all a big range on the 15-min, unlike the previous trending action. It swept it up, then down.

Tricky question. I think that the drop into the European open was all it could give, but that's just my opinion.

Originally posted by jimkane

So, you don't like that 43.75, huh? I thought it was at least worth seeing if it had anything to give.

No lower high bearish 'W2', huh?

No sweep of that upsloping TL it jumped off of?

Anyway, this leg here needs a bounce. No bounce = swooooooooooooosh.

If your read is right this should be it, up and over now.

And if it's going down, here's where they'd likely hit it.

Meanwhile in the Euro...
The correction in the currencies was larger then expected. I wonder if we are close to the end.

But it looks strong right now.

Anyway, the ES did something it usually doesn't do, and that's make any kind of move in the Friday after close mini session. This time it kept moving up, set a new high for the entire move, and closed almost at the high tick. It is now fully at the monster weekly backtest line. If this is a bear market, it should roll off this, and roll hard. There is a key area above, built from the immediate price action, and that comes in at 76-87, with a grouping of key Fibs at 94.00-95.50. I could see it hitting the lower end of the area, maybe a little above the lower end, and still be respecting the key TL backtest, but not much more.

Still, does it even seem remotely feasible that this is going to dump to significant new lows from here? The only hope I see at all is that not only do all pundits and analysts say no, it's completely and utterly an impossibility, most readers in here, I believe, are also saying no out loud right now. And that's not meant as a slight to the readers in here, who are among the most highly informed out there, I feel, it's more meant to imply just how good they are at sucking people in. We'll see. I don't really care, from a trading standpoint, what these maniacs do with it. So, that's what I'm working with as we reach arguably the most critical juncture perhaps in trading history.