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aussiebear

World Stock Markets Trading Discussion - Abstract ascension

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The slope is .10 every 10 minutes. 

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Slight break now.  

 

If this is the right shoulder of the right shoulder, its peak is infinitesimally lower than the left shoulder of the right shoulder. That's normally a good sign that this could be a valid reversal. It gets interesting below 2805 (cash SPX) and really interesting if it falls under 2800. The neckline is either 2801 or 2800. 

 

If this is the right shoulder of the right shoulder, its peak is infinitesimally lower than the left shoulder of the right shoulder. That's normally a good sign that this could be a valid reversal. It gets interesting below 2805 (cash SPX) and really interesting if it falls under 2800. The neckline is either 2801 or 2800. 

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There's also intraday  support indicated at 2804.  

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Slight break now.  

 

If this is the right shoulder of the right shoulder, its peak is infinitesimally lower than the left shoulder of the right shoulder. That's normally a good sign that this could be a valid reversal. It gets interesting below 2805 (cash SPX) and really interesting if it falls under 2800. The neckline is either 2801 or 2800. 

 

If this is the right shoulder of the right shoulder, its peak is infinitesimally lower than the left shoulder of the right shoulder. That's normally a good sign that this could be a valid reversal. It gets interesting below 2805 (cash SPX) and really interesting if it falls under 2800. The neckline is either 2801 or 2800. 

With all those shoulders......I am thinking the chart must look like this.

gallery-1496749609-hunch-back-of-notre-d

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Indeed. The right shoulder of the right shoulder has also formed a head and shoulders. I can't recall ever seeing so many nested head and shoulders patterns.  Now all that's needed is a breakdown. Below 2800 would do it. 

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5 day cycle projection 2800. 

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I'm still flat after selling off all my stock positions but I'm still not feeling it. $TRAN:$UTIL are picking up a bit but they did that before and crashed. XLY:XLP Cyclicals/Staple still not confirming this up move. $SOX was rejected at the 50-day moving average which is bearish. Commodity Chennel Index (CCI) just dipped below 100 for all the major indexes which is very bearish. So if I had to bet I'd say we are heading back down again. CCI has been spot on all year. But it's so close to 100 I think I'll wait until next week and see where we go. I'm heading to the gym. Have a wonderful weekend and enjoy the great outdoors! Cheers!

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