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Corrections take the form of an ABC pattern at least (sometimes ABCDE). This is day 5 and we still are in A down. At a minimum, the downtrend line must be broken, and then we need to set new lows after that, before we can look for a bottom.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
rectangle as reversal pattern, tinted area the text book target. I'm not sure.
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Just an explanation to this chart: it shows 2 cycles which are identical - but slightly shifted. As you can see - in the last few months they worked perfectly But let's point out that end of October the system accelerated to the upside with the cycle day. So this downside continuation could also happen on Monday - but I'm not expecting it. I'm bullishly biased - or as Cobra would say bullishly brainwashed
Last edited by uempel on Fri Dec 12, 2014 1:55 pm, edited 1 time in total.
There is a trifle bit of RSI divergence which will eventually kick in, but the inverted-volatility on the hourly still looks dreadful
[some color ma “stolen” from bb52x]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.