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.

No way they won't sweep this down here.

Really? Five pushes on the tick chart to the tick of the previous low, then a fast blast up of 2.25 points, then a sharp sell back to the low within a tick, then a blast up, then back down... I guess that crude inventories report will do it to you when the market somehow now thinks it's all about oil.

Originally posted by jimkane

No way they won't sweep this down here.

Anyway, there's the sweep.

Watch the obvious TL here.

watch uso at 10.38 double .618

This is a key spot here because it just went a little below the obvious TL, and there is a monster confluence here. It's also somewhat of an ABCD with an ABCD in the BC leg. There is also a bigger hybrid ABCD forming or formed. Nonetheless, I am losing my feeling of any bullishness. I think this may be worth a shot, but after the first setup basically turned into about a scratch, I'm wondering if this isn't about to dump. It is so overextended, and needs a bigger correction quite badly. So, playing longs when there is no obvious momentum isn't the highest odds approach. Still, I think this one is worth the shot.

And there's the initial pop, which drew in sellers and a smack down almost immediately. This price action isn't that great. I'm going to watch this a bit, but I'm ready to start standing aside, or lean on this to the downside if they can't do anything here.

Thick skin, give it some breathing room, see if they can do it.

Okay, there's a little something. But, will it sustain? I am not so sure. This might just be a little bearish ABCD. Give it to me, baby.

At least this puts me in the position I like best: 'going to work'. There is cushion here, so stops can be moved, decisions made, and so on. You need some initial movement so things can be done. Then it's all about the trader's decisions. That's what I like. I used to comment on this all the time in my website commentary. "I just want to go to work."

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!