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DaddySawbucks
Aug 16, 2018 3:35 AM

Tentative Possible Completion of SPX WXY Corrective Retracement Long

S&P 500SP

Description

Pre-called 2802 and saw it touch today. There is strong support on upper channel trendline; doubtful we will see retest of lower channel line, barring catastrophic geopolitics.

Expect more turbulence and consolidation at this level just above support in the 2810 - 2840 area for a week or so; eventually should breakout thru strong R at 2640.

This is not advice and Im not an advisor, it's purely an educational post. Good luck traders!

Trade active

Pretty sure now we are out of the corrective wave, lol, is bulling up strong.

Target shell for this run: 25800 - 26000 on Dow, 2880 - 2900 SPX, good luck!
Comments
fonteca
You don't believe yesterday formed a head & shoulders pattern?
DaddySawbucks
@fonteca, An inverted H&S yes!
fonteca
@DaddySawbucks, Yes, yesterday was good!
DaddySawbucks
@fonteca, LOL it was. I gave some back today expecting a pullback and got killed on the sudden bullup to 25700+. I think it will go to 26000 now. Good luck!
Wongani
That was pretty
MarxBabu
@Wongani, Weakness is there it will come down
DaddySawbucks
@MarxBabu, Yes expect a retrace wave back to mid 300's backfilling gap
DaddySawbucks
@MarxBabu, I doubt it now it's a runaway market, don't short!
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