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clearly a rising wedge. I don't read rising wedge as bearish pattern but it is not a bullish pattern either. I mean this rally falls into a rising wedge too quickly.
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Nice spike up for the opening range through the multiday resistance. Low volume holiday shortened market doing what everyone predicted so far. New highs then strong chance of sell off next week.
Adrenalin trading is for sure the oil market this week. Goldman just changed their estimates, Bloomberg and Reuters are covering every utterance. Some are estimated 54 to 56 high as this unfolds. More contracts out than anytime in years and the oil VIX at 7 year high. Could just as well be a bull rider in the rodeo, because the ups and downs are going to be that fast.
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One commentator I read says everything is primed for an immediate drop and short a breakdown. He has a counting system and a lot of charts have hit the number where a drop occurs as of friday. Another commentator I read says everything is really toppy. I think I might short a breakdown myself.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
DellGriffith wrote:One commentator I read says everything is primed for an immediate drop and short a breakdown. He has a counting system and a lot of charts have hit the number where a drop occurs as of friday. Another commentator I read says everything is really toppy. I think I might short a breakdown myself.
Well, pretty easy decision to make here. We keep going up, no breakdown, so no short!
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23