RA
rat89
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gdx tagged the alternate upper line for an exit
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RA
rat89
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Posts: 7,015
spy at .886 set up either 1) a big short, or 2) a pullback to set up next impulsive wave up on the way to a break out of the range, and a better short in the next few weeks. Second chart is the retest.
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JI
jimkane
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Posts: 33,089
Right off the flat/4-Point hybrid this AM, to blow out the area completely, as expected. They pushed over the key TL in a fake, brought it back in an ABCD, back up over the TL multiple times, brought is back in for better prices and another shakeout in the AM (that completes the flat/4-Point hybrid), and then up for the next big leg. Pretty straightforward stuff from them. Now look at the position. You can see what they want next...
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jimkane
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2020's-30's next? Depending on how long it takes, it may push up near 2040. This is just the next stop. Unless there is a major shift in sentiment, which can only come from news, I am seeing possible new all-time highs. News would have to come, and line up with the technicals. As we know, news tends to come right at key technical points. But, many technical points are ignored when no news comes with them. So, I will watch the area and see what comes out. As for now, though, I am thinking strongly that any plays on the short side are counter-trend at this point.
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jimkane
Rep: 3,058
Posts: 33,089
What I find curious right now is something I have rarely, if ever, seen. There are layers of things coming in right now at 60, 70, and 80. They group right around these round numbers. Very odd to have them so close (given the timeframe they come from), and right on the round numbers like that. I'm anxious to see what it does.