The Pound is just below a huge area at 1.5260.



If it is not going to spend too much time on correction, the next level up is around 1.5370.

I'm not sure if I'm clear here, I'm not saying this couldn't bounce here a bit (it might not, though, it's a close call), but I am not seeing the 'automatic' blast off exploding to new highs for the move we typically see when they set it up like this. It might happen, but it doesn't seem like a given to me, like it has been.

Originally posted by jimkane

Somehow a nice post I wrote up here just vaporized and bounced me to a different post in edit mode. I've never seen anything like it before.

Anyway, there's the deep retest on the ES, and the inverted H&S as we have seen time and time again, and it 'sees' it. This is where it would pop if that's what they intend, as they have so many time before. That's what I am watching for, but I'm not so bullish as this layout would imply from past behavior.

Nice pop so far. I would like a move over the congestion high, but then a failure and swooooosh down. Let's see, though, if that was it for the pop at 46.75 there.

Armstrong:

"This is a massive debt crisis at the Sovereign level. It’s just time. All our models are warning to strap yourself in tight. This ride will pick up velocity come March."

So, the Fed is going to continue a hiking cycle when a worldwide sovereign crisis of unprecedented magnitude in the history of the world is unfolding. Ri i i i i i i i i i i i i i i i ight.


Source: http://www.armstrongeconomics.com/archives/40586

Yep, 46.75 was it, the sellers are back.

Originally posted by jimkane

Nice pop so far. I would like a move over the congestion high, but then a failure and swooooosh down. Let's see, though, if that was it for the pop at 46.75 there.

close below spy 204.80 and it's a 2b reversal on the daily

And I got what I also said, and what I wanted, new lows for the move. Now that's what I'm talkin' about.

yes sir

Originally posted by jimkane

So, sub-200 next? Too bad they can't get that 1800's Op-Ex pin area...

Originally posted by rat89

I forgot one

Click image for original size

sweet! They came within 4¢ before the session and then took it out right after the close.

Originally posted by rat89

close below spy 204.80 and it's a 2b reversal on the daily

Ah, the old 2B. I wonder how many people in here know about that, I mean who discovered it (Trader Vic). Most think the Buffy crowd from Ensign and others who popularized it are the ones who discovered it. SPY trading 204.63 right now, but what was it trading at 16:00:00? I have 204.89. So, no 2B? Interesting.

Originally posted by rat89

close below spy 204.80 and it's a 2b reversal on the daily

I didn't see your post there, rat. My data shows .84 as the low into the close, and the close at .89. You have different numbers?

It usually pays for me to follow my gut read on things...

Originally posted by jimkane

I want to short it (soooooooooo badly), and will be looking for the slightest weakness to consider pouncing, but with the attitude of not marrying the position, and being ready to turn on a dime. Otherwise, it's ride until this thing breaks, and keep leaning on the long side until proven 'wrong'.

Originally posted by jimkane

I just want to short it right here sooooooo badly...