I'll start it off.
My opinion is that 31-35 level for thes ES, posted on the 1st Jan., is even more worth attention given the structure of the correction, especially potential 3Ds into this area.

Okay, I said I was done and I'm not. From a technical perspective, here's my longer-term Euro viewpoint. I see a super-key area at 1.12-1.13. I would think it could bounce and roll, and head to its ultimate area, which must be under par. The key spot is 84-86. And just like crude wanting to test that key bubble pop low, I think the Euro wants to test its all-time low (not a back calculated low going back to the turn of the previous century, I mean the 'trading' low). I think once Greece exits, and then the EU starts to crumble and defaults are rampant it will seem like a joke that the Euro trades at 85, so what seems utterly impossible now, may seem impossible to conceive of from the other side of 85. At least from a value perspective.

But, one thing is for sure, when it comes to the Euro on the very-high timeframe, I am usually off. What it tends to do is start to do exactly what I suspect, follow the course, be 110% dead on track, and then just when the prize (the whole scenario playing out exactly as laid out, as I see so often in the short-term ES), it completely reverses. I can't recall the last time, maybe never, one of my Euro longer-term scenarios fully played out. And I can't recall (I'm sure there have been some, I just can't recall them) when the Euro didn't start out following my scenario very closely, getting my hopes up for ES like scenario following. So, I doubt what I have laid out will happen as I hope, but I'll be watching it. Let me guess, it will bottom right in between the two at say 98.75?

P.S. It is possible the area for the Euro, by my work, is as high as 87-89 or so. I will be able to narrow it down a little, I'd think, once it gets close (if it gets there at all...).

Is the ES going to ABCD here? (1.000 is at 17.75 for reference), or jump even more? We'll see.

Thanks for thorough replies, Jim.

TL backtest and ABCD.

Nice reaction so far.
There's a lot of stuff coming together between 1997 and 2000, if it's gonna get there.

Right to the .382. There is some cool stuff at 31.00 - 33.75 (possibly a little higher, with the very upper end about 35.75), and then around 2050 +-. I want to see how it acts on the way. First it has to overcome this tough .382 area, though. I was right on seeing it was time for some upside... I mean, who can't work with about 30 points and dips?

Originally posted by jimkane

Is the ES going to ABCD here? (1.000 is at 17.75 for reference), or jump even more? We'll see.

YW

Originally posted by MarcinO

Thanks for thorough replies, Jim.

Same chart from before. Look where crude is starting to bounce. Must be a coincidence.



Charts created on QCharts, courtesy eSignal

Closed on the low tick for the move, a drop of 13.50 points. Not bad.