On Friday Pound stopped right on a monster level, so the move up might be done, at least for a while. However, it likes deep W4s testing W2 highs (in a downtrend), so one more impulse to 1.4260-70 won't be any surprise.

If they sell this some more, I am looking around the 55-57 area. I would expect, though, they may want to just sweep the recent low, hit this area more fully, then start heading it back up. I need to be aware of the alternate scenario so I can read the clues in some 'context'.

For the one student that I worked with this weekend: look at the last chart I showed you with the framework from Friday and the myriad overlapping sets. This thing went from line to line to line to line to line to line with every reversal since the Sunday open to now on that chart. Notice the other moves within that were using the same frequency, too. Notice where the low hit, as far as that chart. It's beyond amazing. It might be in the top three examples of the methodology and of 'non-randomess' I have seen in my entire career. Sorry I can't post this for everyone, but if you were me you wouldn't post it to a forum you don't own (and likely not to a forum you do own that could either be hacked, or retained/viewed by the hosting company, or by anyone along the way, as this truly is my 'formula for coca-cola' material).

Yawn. Ho-hum. Like I said... Now, as this gets back to the price flow, be watchful, as that may be all they are after. Hopefully, they just keep running it to infinity.

Originally posted by jimkane

If they sell this some more, I am looking around the 55-57 area. I would expect, though, they may want to just sweep the recent low, hit this area more fully, then start heading it back up. I need to be aware of the alternate scenario so I can read the clues in some 'context'.

72 here is the last of the price flow. Now we see.

Yawn (this is the boredom yawn, not the tired yawn). Same old, same old. They did exactly what I expected, and what I posted. Do I need to post where to look right now? Only to confirm what everyone should already have built on their charts. Give someone a fish, they eat for the day. Teach them to fish, they eat for a lifetime. Which style do I do in here, and in all my work?

So, of course we have a bearish ABCD here at a great spot for a 'retest' of the high. But, is this a high odds setup? Compared to say continuation to that area in the 80's and an upside sweep? Or chop? What do you think?

Great comments, Jim.
I will have more time to review it in details in the afternoon.

Wow. I would think it may do sweep to the KZ and then back up. Previously I would have played the Bearish ABCD; not anymore.

Like I said...

Great comment. I almost posted on that, to explain why it is unlikely to come in that much in the present situation. This is in 'frenzy mode', something I discuss from time to time.

Originally posted by JaLee

Wow. I would think it may do sweep to the KZ and then back up. Previously I would have played the Bearish ABCD; not anymore.

It's been a wonderful week for me. I want to thank everybody for their comments and charts and I'm really happy to be included here. This is a breath of fresh air to be with a group like this. Thanks to all for putting up with my "newbie" questions and learning process. Hopefully I can climb the learning curve and be up on the slope where you all are! Everybody have a great weekend and will see you on Monday!