I think we see top of today, this is common chart pattern. dips will be bought short term. will see one more dip to buy before the lady shows up today on intraday.
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Initial sell down at open with the clockwork RED SPIKE BOP which almost always follows a down volume spike. (It is so predictable.) Then loads of large lot buying. Another sell down attempt in BOP but buying was present and large lots kept buying.
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“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
Any time we have LL, the bounce there after I will see it as a dead cat bounce. last time we got 6% from absolute low 2 days dead cat bounce, today alone we got over 5%. "Only in America only in America" Don King.
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Last edited by BullBear52x on Thu Oct 13, 2022 2:40 pm, edited 1 time in total.
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Point of interest (maybe)...NOTE the data points represented in the light blue line. My conjecture was simply that on the way up on the weekly chart (2020), I noted that these data points were hit repeatedly BUT, there was no close in this data range. So, I figured if we came below it, we would march right through it again without closing here. This is a weekly chart which I have been watching for a long while.
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“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
Food for thought chart...
The box size is $14.34 simply because this was an ATR when I started the chart.
Note "9" is at the top of several columns.
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Sharing research and ideas only, this is not trading advice.
“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
BB52x mentioned previously the broadening pattern which is still in effect. They are hard to trade except on the short term.
I hope everyone had a great day.
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“If people concentrated on the really important things in life, there’d be a shortage of fishing poles.” – Doug Larson
Wow a close below 100% fib is no good, it will read as a negative price action. not that I will short it. Negative price action on a day like today is not good. Peace!
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3 push up aka rising wedge, always give bulls more credit so should be one more push up before the close. Let's see.
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The today's members only update at 10:00 AM for everyone. After decades in the market, feeling is equally important now. We call it market sense?
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Cobra wrote:The today's members only update at 10:00 AM for everyone. After decades in the market, feeling is equally important now. We call it market sense?
Good gut feeling Cobra, think about all that higher PPI Wednesday and now higher CPI. a bad earning from the banks tomorrow will not bother the bulls what soever. "Only in the USA only in the USA" Haha.
My comments are for entertainment/educational purpose only. NOT a trade advice.
Cobra wrote:The today's members only update at 10:00 AM for everyone. After decades in the market, feeling is equally important now. We call it market sense?
Good gut feeling Cobra, think about all that higher PPI Wednesday and now higher CPI. a bad earning from the banks tomorrow will not bother the bulls what soever. "Only in the USA only in the USA" Haha.
I found really sometimes we need trust our "market sense", stick to technical evidences made me miss lots of trades (sometimes does save me from wrong trades though).
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