claydoctor
Short

SPX 500 range finder

FX:SPX500   S&P 500 Index
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4
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.

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Remember my previous comments??
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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.
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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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