Hi Sat,

Here's my take on it.  It takes alot of time to do all this, but in the end, I always come away with something, so its worth doing for me as well.  Because my initial reaction of the daily chart was it was rangy, I loaded a weekly.  The first thing that popped out at me is the obvious Balance that exists with in the market. It goes back as far as my weekly data will go.

Next, when you go back a bit, the the previous big swing, price failed to reach its projection, creating a Hagopian.   Dr. Andrews rule was the price will travel at least that far in the opposite direction.  In this case, both the Hagopian and Balance came into play, and projected the low beautifully.

Then I decided to take a look at the structure and character of that big swing.  It fits nicely into the whales discussion late last week. Wash, rinse, repeat......

My curiousity got the best of me here.  I loaded a 50 and 200 Moving averages to see when the funds/public would have gotten the message.  I was stunned, to see it almost perfectly pick the point of ignition....Intrisincingly, I suppose I knew, but I guess I never actually looked....Interesting, and leads to more questions for myself.

The next chart shows the sellers showing up in the gap, but meeting the projection.  Although I didn't show it, I didn't choose the logical 'A' point, which would be the last swing.  The reason for this is it was not a structural low.  So, the next place to go is the previous gap.  Judging by the price action, I am confident in that choice.  After the ML was reached, we gapped lower, whether it be via contract roll, or whatever, but price then snaps back.

The sixth chart gets in closer, where we look at how price is hanging out toward the outer part of the median line set.  The market is exhibiting more strength than the fork would suggest.  What makes this more complex, at least for me, is that we created a Lower High.  The job of this swing now become to create a Lower Low.   So.......there are conflicting signals here.....strength in the fork, and a Lower Low.....

Chart 7 is a pendulum fork drawn on the last swing to get an idea of how much strength was being exhibited in the last Pullback.  Although not confirmed yet, it looks like a Hagopian could be confirmed, again giving us a projection.

The last chart is some projections using AR sets.  There are alot of things pointing to Balance.  Will we get there?  Time will tell.  But for me, if we get to balance, it surely would be an interesting place to at least consider a position.