We've been crawling carefully up this local bull channel, and could still drop a leg to the bottom of it before bouncing, but if you notice the yellow circles, we might actually be about to repeat the move of Feb 26th, where we formed a small arch before exploding into a strong 5-wave bull push. The fibs I've placed are clearly projections, as we haven't finished this move yet. My targets are still the same as the last chart I published, when I thought we'd break out of the previous local bear channel earlier. We've still got an overhead trend ceiling of $288 likely capping any big move. And on the daily, if we get anywhere near there, we'll be in position to challenge the Big Old Bear ceiling since the Nov 2013 bubble top. Expect bulls to get really high on hopium if that happens...
(see alternate whiplash scenario below, first comment) UPDATE -- looks like I should have published the green scribble instead :P
Comments
ronfkingswanson
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Alternate bear trap scenario, where we drop just enough to cause some whiplash before going up (as long as we don't bust below 225, which would invalidate the whole forecast)
lowstrife
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Don't you love it when you find something you want to add... 5 minutes after you publish?
ronfkingswanson
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there's NEVER been a time when that hasn't happened, no matter how long I wait to push the button...
ronfkingswanson
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Haters gonna hate... on LTC, which got the party started ;-) We made a nice little cup & handle popping out of the chopsticks, and now the bull spike to confirm
ronfkingswanson
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after many tedious days of flat chop, getting some action
ronfkingswanson
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walked along that 235 for days, but finally slipping.