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ProfitHarvest
Sep 24, 2020 8:13 PM

[SPX] Price Rejected Exactly at Anticipated S/R! +New Friday S/R Short

SP:SPX120
S&P 500SP

Description

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Price on it's way down to lower supports.

I threw in some mid channel S/R (blue), should hold up nicely through Friday until we start legging down again.

Here's how I'm trading this drop...
Trend AnalysisChart PatternsFundamental AnalysisS&P 500 (SPX500)SPX (S&P 500 Index)
Comments
dereckcoatney
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Very nice
ProfitHarvest
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@markettimer777 @Dr_Roboto I think @dereckcoatney called it yesterday and data seems to be aligning from a few angles here...


Lets see how it plays out! B)
markettimer777
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@ProfitHarvest, 9/28 is only a minor low in my work. Major as u know closer to Election Day
dereckcoatney
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@ProfitHarvest, This is my preferred setup, but golly we've got to get going. We need more downside momentum.
ProfitHarvest
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@dereckcoatney, yep, Red Friday
Dr_Roboto
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But this one seems to align a bit more with yours
Dr_Roboto
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Nice work. I got this thing slowly working its way down until the end of next week. There are 2 major S/R lines and a Wave C 1.0 fib extension all in the same small region. Seem like a highly probable location for a test and then a bounce up for a "larger scale" corrective Wave B (same as your other charts show). I am seeing the break to the upside around Friday or Monday of next week.
ProfitHarvest
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@Dr_Roboto, How long will the upside break last? I'm thinkin 2-3 days. @dereckcoatney is betting the farm on buying the dip for SPY long ;) ...
dereckcoatney
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@ProfitHarvest, lol Let's hope not. We need to start falling faster though :)
Dr_Roboto
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@ProfitHarvest, just spit balling here.
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