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key here, any time revisit the previous extreme, it's the key. but even it's a double bottom here, the pattern is too small, won't go far.
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cougar wrote:SPY 121.88 (bottom of the octave) should be a strong support:
I have that as my line in the sand as well. Key area right now, bulls need the price to get above both the 20 and 50 day. It's also on channel support from what looks to be a bull flag.
PAGING COUGAR
Requesting u post VIX when u have a moment. Am curious if/how it pierced your yellow-thingie yesterday, and how u see its trajectory today.
PS: did u see cobra’s brilliant (as usual) analysis of $VIX on his subscription board last night?
Possible bounce here (WW in blue) not too likely due to Bear Flag (in gold) which leads me to believe we soon head straight down the AB=CD line (in purple).
not good looking. we don't even have our very first rebound yet, so this is still pretty much the 1st leg down.
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