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The pullback overnight was strong so probably more down.
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Start like a downtrend day, now is key time, should breakdown if indeed is downtrend day. Personally I don't expect today to reverse up again otherwise it'd be way too cliche.
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One "perfect" indicator says "the low is already in"
Another "perfect" indicator suggests that another pullback is likely
One of the two will see their perfect predictive track record crushed https://www.zerohedge.com/markets/one-m ... s-they-are
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Consolidation, breakdown is more likely which if indeed and with good looking bear bar then it'd be a downtrend day.
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I'm watching potential double bottom. Before a decisive new low, anytime two consecutive strong bull bars then it could mean double bottom.
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For 2 times (green arrow) the market told us the low was in. I'm not very sure though because so far the rebound is zigzag which is weak, maybe it's just a range (meaning the low will be revisited?).
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theRASPYone wrote:Awesome Bear pic Al Dente! They clawed me up this AM, ouch!
I'm looking for some rebounding today. So far looks weak. Let's get to 427 SPY guys. Going to need some power!
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Revisit the day low indeed, now the same rule: Anytime before a decisive new low, 2 consecutive strong bull bars could mean double bottom, watch.
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My guess is breakdown in stead of a double bottom, let's see.
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