Abstraction is as concrete as any other process Just a question of practice. See tutorials here: Type I & Type II consolidation: http://www.econometric-wave.com/quiz/dji_011203_for_021203/ http://www.econometric-wave.com/quiz/dji_050104_for_060104/
The problem short term is of course the 10546.2 resistance in orange color. Generally "they" like to make failure on that level to crush the bulls and then plunge to excite the bears before the true reversal .
Clean break at 10546 exactly (and not 10450 the "psy" value) + double retest after <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=426366>
We have just backwarded to the theorical top of 10746 of the past FOMC day (today's high was 10648 so within the normal expected error of the model) of the same fomc day on scale 2 see comments in the thread "Why I call Backwardation in time Feynman-like effect" here: http://www.elitetrader.com/vb/showthread.php?s=&postid=429471#post429471 <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=429471>
This is only the first target, haven't reached yet the weekly target at 10780 that has been posted one week ago see above: "Now Bullish Inverted structure on scale 3" http://www.elitetrader.com/vb/showt...27783&perpage=6&highlight=10546&pagenumber=10 <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=425401>
Now trying to bounce off the 61.8% retracement of the ES, from 1137.50 to the highs at 1158.75 1145.25 needs to hold for the Bulls!
Just took it out by a tick . . . Moment of Truth on one helluva "sloppy" thin trading day. Someone quoted Briefing.Com on CNBC that the market is down 12-13 Friday's before this particular 3-day Weekend.