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S&P500 ran into this cluster which acted as important S/R zone for months (zoom out). Price got into that zone in form of rising wedge and there was no meaningful pullback for almost a month so now the correction down would make sense. Alternatively we could see final throw up (one more push up) just to test the major downtrendline (red). Anyway decision point is coming.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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Just in case I wasn't clear, the S/R zone should now act as resistance as price came into it from the downside.
@Laurent10, the issue with such indicators is that they can show overbought/oversold conditions for quite long time while the price is still rising/falling...
Laurent10
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@bizmark, Absolutely - I have experienced this many (regrettable) times....