Starting it off.

This little push off that last ABCD still has this in the territory of the bearish ABCD, and with a final push into that, so watch out here. This is by no means an established bull move right now.

Okay, all is good now.

And see what it does? No follow through right after that. It may just keep grinding and swinging until it can 'clear' itself. We have seen this endlessly. But it is not showing any strong impulsive nature yet. Keep this in 'context', this is advanced price action reading from the perspective of a countertrend move, presented for the educational value in trying to grasp what that is like.

This sure looks like the same thing we see so often, and then it will 'clear'. That's when it accelerates to the upside more strongly.

But notice the overhead TL that is right on top of the key set line. It just went over it a tiny bit. Ruh-roh, Raggy.

Now, for a countertrend 'scalp' I'd be looking to wrap this up.

If the play was for a bigger bounce, deeper into my ideal area (notice it has hit the low end of that), then just get those stops set properly.

Are you still looking at 56-57 area for possible end of bounce?

Originally posted by jimkane

Now, for a countertrend 'scalp' I'd be looking to wrap this up.

Is this the bounce and roll to the spot I mentioned, now ready for another leg down? Yep. But, it sits on a big area and has been selling like crazy, so is this a high odds play right from here?

Whoops, never mind I didn't see your latest post.

Originally posted by JaLee

Are you still looking at 56-57 area for possible end of bounce?

Originally posted by jimkane

Now, for a countertrend 'scalp' I'd be looking to wrap this up.

And here's the new topic. Everyone please go there and vote that up (if you think it is good). Also, I added a post to the above one thread, so make sure even if you voted before you go and vote up that one. I know there are more people reading this than four, so please, everyone, help me out. I need to make sure that they don't seem vulnerable to down voting and we get the positive vibes going. Thanks.

http://www.mypivots.com/board/topic/8616/-1/charts-from-4-29-16