My guess is that they want to test the previous low in the ES, so my most optimistic area is between 76 and 82.



Key supports on the way down are at 18 and 6-7.

It looks done.

82?
We both looked at the same level, although I from the upside.

Originally posted by jimkane

This one is curious because with all the movements lately, there are lots of line possibilities. It is harder to pinpoint an 'exact' spot. The lines start to come in around 84 for that 85.50 (center of area) spot. And it sits now at the confluence of this 82.25 minor area. So, it has some tough slogging in here. Then another layer around 89.50. Sure, it's due a good-sized bounce, but I think the sellers are still around. They like to start selling in the evening more now, so that may be a factor in how it bounces, too.

Now that's the typical BS I would expect. They bring it in, make it look all weak, then just explode it up almost 10 point in minutes, right to the area I mentioned. That change of character leaves me with the feeling the odds just increased that we will see a very large ramp from that low, perhaps to 2010 at the least. I hope not, I hope the sellers can get back in soon, but I am ready for that ramp.

My area is from 6.50-10.00, back to the price flow for a bigger retest. I really hope it doesn't get there, but that would set it up for a major move down.

both sides are in play until they're not....that's what makes it all so interesting....

Originally posted by jimkane

You know what I like about you charts there, rat? What it implies if those areas don't hold.

I got my wish all right, it didn't go all the way up to that posted high end area. It rolled hard off that aftermarket bounce. It's hard to believe it's about 60 points down from there. I was going to post my much lower areas, but figured there would be lots (and lots) of time before needing to do that. I'm expecting I am not going to sleep but a few hours here and there (and at that in my computer chair) until the weekend, and I'm fine with that. There is just no way one can walk away from this kind of action. ES at 1931!

Originally posted by jimkane

My area is from 6.50-10.00, back to the price flow for a bigger retest. I really hope it doesn't get there, but that would set it up for a major move down.

CL almost traded a 31 handle! Just a tiny bit shy of it. I got my area in full. Wholesale gasoline traded 1.11! It could trade under a buck (I think it hit like .65 in the last crude decline).

BTW, four trading days so far this year in China, and the markets have been shut completely down by the breakers on two of those days! Nah, there isn't a problem brewing...

The Euro is just going insane. Up almost a 100 pips in a very short while. Look at that 1-min chart. The dollar is up against almost all currencies except the Japanese yen and the Euro, which is just hammering the dollar right now. Very curious/odd, the currency flows right now.

Time for a quicky bounce in here?

and they're probably not done....