jangseohee

33.33% closer to history

INDEX:IUX   Russell 2000 Index
151 4 6
I did a simple calculation based on market top in 2007 using a weekly chart. After the uptrend line was broken, price fell 9.25% away from the uptrend line below rebounding to re-test the support-turned-resistance trendline .
The bullish marubozu bar did close above the trendline but next weekly bar was a DOJI closed below the trendline - not good. And subsequently a bearish marubozu bar which resulted in an evening star pattern. The rest is history.

Now we are again 1/3 very identical to 2007 top again. We just had a weekly bullish bar close slight right above the uptrend line which is why i said we are 33.33% closer. If next weekly bar is a DOJI with a close below that trendline (from 2009), then we would have 66.66% closer to repeat of history.

It would be even exciting next two weeks, i GUARANTEE you!

Cheers
YaKa PRO
2 years ago
Well done - I think that is the way to look at it.
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jangseohee YaKa
2 years ago
Fingers Crossed, have a good weekend! :-)
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YaKa PRO
2 years ago
Also note the 3 tops formation. similar as well do 2007 and 2011. Add the RSI divergence, the decrease VOB, the complacency/hope into new year, the fact it climbed 100% in 3 years. Santa Claus Rally wont happen and it has a decent chance to be ugly.
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jangseohee YaKa
2 years ago
True, after broken down from a long term uptrend line, the bulls are surely not convince and would like to try another time... and if it fail big time...
You know what is gonna happen next, having said that, just beware another weekly of spike to hit that horizontal resistance
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