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Testing the double bottom (red arrows). I think the bias is down, maybe another leg down to test the June lows (Purple line below) has started, maybe. Yellow line is to show you the 100% measured move target which happens around the June lows.
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1) Possibly going to fill the double gap at 369 before the rally resumes
2) Still on the stated path
3) Tech is strong today due to falling rates. This is something to watch.
4) Bearish moon cycles won out over bullish holiday seasonality. Bullish moon cycles resume next week.
Look at individual investors, very bearish just like during first Covid-19 scare, back then there is government intervention. today? not so much. best is a soft landing into a recession. as much as I want to see a bottom forming but I don't see any bounce will sustain at this time. stay side line or day trade that is the only game in town. I am taking next two weeks off to chase a salmon. There will be LL, Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Double top then double bottom? For now I think breakdown is more likely which means I don't believe it'd be a double bottom here.
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ES 60 minutes. In the range. Huge move down today, through R2, R1, the Pivot, S1 and S2, all the way to S3. Much respect for various support and resistance levels.
Charts posted are not recommendations. They are just a sharing of information.