Update on FDX

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If you look at our chart of monthly FDX             , the big picture hasn't changed, long term the rally is not over and once current correction is done, FDX             will move back above 184.

I just don't know now if the sideways action is still a bullish triangle or a bearish one. Both are possibles. Corrections are complex patterns.

As long 166 holds, the current labeling holds with a rally in the cards pretty soon.

As long 164 holds the bullish triangle is still unfolding, just taking its time. That would be wave C and more sideways action will be needed before take off.

But if we breach 164 then it is a bearish triangle that should push prices lower towards 158.
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