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A broadening top, Al Brooks seems to regard it as a top or bottom pattern but in reality trading it rarely works, more like a continuation pattern to me or at least a random pattern.
Small gap up so likely just a range day.
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from my twitter feed yesterday-
Master WU
@MasterPandaWu
155 TD Cycle: (1) Since late 2018, SPX has followed a 155 TD/228 CD cycle almost to the exact day. (2) it marked the exact low in mid-2019, Mar 23, & Oct. 30, 2020. (3) I thought it would be the bottom of W-1; it now seems it flips to a high--it happens to cycles all the time
Tradable setting: (1) it would be more than fitting to have an ending diagonal to cap the 12-yr bull's run. (2) so far, narrow-range bound, without clear ST tradable settings. (3) cycle-wise, June 11-14 would be perfect for the final top, as it is also a major turning window.
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Very sharp rebound so the low might be in for today. Also it means it's just a range day.
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The line won't hold bulls as it's been tested many times, who may take a breath here first though.
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The pullback should be bought and here at EMA 20 is the very first likely place.
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