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Seems we have a price channel here, so the current move should be toward the channel upper boundary?
Gap up within the yesterday's range so likely it's just a range day.
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I am looking at a three up wave pattern. If I squint hard enough I can see a completed Elliot wave 5 wave move up, so we are "supposed" to have an ABC up here while the market thinks about it's next move.
That blue trend line is the bottom of a channel that formed yesterday on the afternoon advance. Turned into the top line during the night.
Historical footnote. My personal sanity has been returned. The last couple of years I thought I was loosing it because my views of the market were not working. Now, we find out that it was just normal, a market Jesse Livermore would have understood. I am so relived to learn that the prime brokers were simply funding a delusional billionaire (SoftBank options manipulation) and , at least so far, two huge con man frauds (Greensill and Archegos Capital).
I shed no tears for Credit Susie and the rest of the group who they say have lost 10 billion by enabling a convicted swindler to manipulate markets while hiding from regulators. I would remind you of President Andrew Jacksons speech to congress when he dissolved the Second National Bank of the US.
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The breakout could mean it's an uptrend day, bears beware.
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