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Unfortunately it can go much higher and still remain a Double Bottom ABCD, so the picture is rather unclear at the moment.
JA
jarek
Rep: 94
Posts: 3,474
Here is this potential bearish ABCD looming over the market for some time already:
Unfortunately it can go much higher and still remain a Double Bottom ABCD, so the picture is rather unclear at the moment.
Unfortunately it can go much higher and still remain a Double Bottom ABCD, so the picture is rather unclear at the moment.
JI
jimkane
Rep: 3,058
Posts: 33,089
Is this the pullback, or did they take the first bearish area again?
ER
EricD
Rep: 63
Posts: 692
JIM would say we need a retrace of this swing or a smaller check back to build up energy since the angle of the rally is so steep? I see alot of times the steeper the angle is a precursor for a harder drop..but intermarket analysis show pretty much the entre board is green so a larger checback for "w3" action.
JI
jimkane
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Posts: 33,089
There is a key TL on the 15/60-min all-sessions right where it reacted there, going back to 6/21-22. I'm watching what it does here, in case that caps it. If it comes off and they rush it up and over, it could get some legs. I also have another line right there, too.
JI
jimkane
Rep: 3,058
Posts: 33,089
Just stopped dead at this area, trading right at it over and over. Very curious. They look like they want up real bad, but they need to do it or they may get rebuffed hard.
JI
jimkane
Rep: 3,058
Posts: 33,089
Originally posted by EricD
JIM would say we need a retrace of this swing or a smaller check back to build up energy since the angle of the rally is so steep? I see alot of times the steeper the angle is a precursor for a harder drop..but intermarket analysis show pretty much the entre board is green so a larger checback for "w3" action.
eric, I'm not sure I understand exactly what you are asking here. I think it needed a checkback, and it did one exactly like I'd have thought, back to a .447 area say, then back up. There were a lot of swings on the way up, so it got there without going straight up, so it shouldn't need much to build energy. Whenever anything goes 'straight up' it seems to climax pretty rapidly and be done. That's why I hope for checkbacks when I'm in a trade.