SPX 500 range finder

FX:SPX500   S&P 500 Index
So how many times does a breakout need to fail to define a range? Enough to get the job done is the answer. I would say fifth time is the charm for the upper boundary, and so we head back down the the lower, and lower yet, if history repeats.


Remember my previous comments??
The previous example hit the top three times and coiled at the bottom. This one three times at the bottom and coiled at the top. Of course a H/S is potentially setting up also. 40-50 is the big level people are looking for to get back in at so makes sense we would make like we are gaining a base there and then fall down or new highs.
At this many times its much more likely it is ready to break the range. After forming triple bottom and now coiling at the top - at least a false break is in order
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