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lower high or not, wait and see. the pullback should be bought eventually anyway.
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SPX opening flat.. mind the triangle on the /ES 30m.. could move 74 points either way on a break. Mind the open gap below on SPX.
*SPX breaks 2293 then look for a possible sharp down move
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Last edited by fehro on Fri Jan 27, 2017 10:29 am, edited 1 time in total.
fehro wrote:SPX opening flat.. mind the triangle on the /ES 30m.. could move 74 points either way on a break. Mind the open gap below on SPX.
*SPX breaks 2293 then look for a possible sharp down move
fehro wrote:SPX opening flat.. mind the triangle on the /ES 30m.. could move 74 points either way on a break. Mind the open gap below on SPX.
*SPX breaks 2293 then look for a possible sharp down move
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Another Friday and another BachNut post.
I really do not want to sound like another one of those loser bears on the internet, but
The NYMO cycle remains down.
Wednesday's surge was impressive, but it failed to close above the January 11 high of last significance.
At the risk of seeming pedantic, it is still in a pattern of lower highs and lower lows, with price being divergent (which it is totally free to do).
Perhaps we are in another period like March to April last year, and the model may fail. I don't know.
We are back below the zero line this morning, but that could change by the close.
A close above Wednesday's NYMO high in the days ahead would flip the cycle to up.
Price has popped out of it's range leaving two open gaps in its wake. One rather large.
We have had a month of range trade to build up energy.
So, if this is a legitimate breakout, price should continue higher for awhile.
Consequently, I have added a fresh up target up to the rising tops trend line. The up target posted last week was effectively hit Wednesday.
On the other hand, Wednesday's bar was doji, and so far today, action is pulling back.
We could have a potential island formation in the making here. So, gap closure ahead is a potentiality.
I have no idea what will happen.
There are clear target possibilities below.
I am net short carrying longs and shorts.
My short last Friday was closed for a loss.
Different setups have gotten me long on the pop and reloaded short up here.
As they have different risk weights(sizing), exit criteria and different stops, both trades could win or lose or split in different amounts.
The odds will play out, and I just need to let it happen. What fun...
As volatility measured by the VIX index dives to levels unseen in more than two years and the S&P 500 Index climbs to fresh records, the number of bearish bets changing hands relative to bullish ones has fallen to the lowest since 2009, according to data compiled by Bloomberg.