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jarek
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This coil will get unwound after Tuesday's meeting. The question is which way?
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jimkane
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They want that new high soooooooooooooooooooo bad, and I fully expect we'll see it.
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jimkane
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Yes, that's the key area I mentioned.
Originally posted by jarek
Not a bearish ABCD anymore but nice geometry at Schiff upper ML:
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jarek
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Originally posted by jarek
... nice geometry at Schiff upper ML...
Gone with the wind already...
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jarek
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Looks like they have full control over it: after almost 15 points down in 10 minutes now it is up 10 points in the next 20 minutes
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jimkane
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Yes, and I just can't see it rolling down in here without getting another new high for the entire move. I know I'm staying long-side bias, likely until close, because I think there are a lot of stops to gun, and we may see well north of 1200 today.
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jimkane
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That said, I am never married to anything, and this is a very dangerous area, so any big rolling action here would have me thinking it's rapid scaling time.
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jarek
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Originally posted by jimkane
...this is a very dangerous area...
On my chart too:
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jimkane
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And the bulls win once again. They will win until the total collapse of the known financial system, in my opinion. Look at commodities. How huge increases in food, pump gas, building materials, etc. will help this recovery I just can't fathom. I think crude will take out the $147 high soon. I use the term 'soon' here in a relative way. Go back to the trend into $147, put that slope on it from here, and estimate the time. I think it will happen faster, but my conservative estimate is about that. But, this time $147 won't slow it down, in my opinion. Bern-quacke is getting exactly what he wants. Heads we lose, tails we die...