AMEX:SPY   SPDR S&P 500 ETF
318 13 7
Notes on chart
dorbanz3
2 years ago
this is the last move up before heading to the 100dma - as it seems to me.
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1stalgorthm
2 years ago
Thanks,waiting for a close above the 8EMA to hopefully go bullish.
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claydoctor
2 years ago
Was hoping you would update your previously posted 1,2 3, bump pattern theory. I tried this one my own, but wondering if you felt it was credible on this latest move. The chart above suggests we do not complete bump "3", and had down to the support indicated? Thanks
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claydoctor claydoctor
2 years ago
I also tried this theory on the Russell, and it does play out well also, only more to the downside.
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KLang PRO claydoctor
2 years ago
Yes - I'll update soon - it's SPX which is only EOD data. It's very possible we continue up. I'm just saying the 50% retrace is a tricky place to be. The pattern could touch upside again and roll or break out - or if could roll right here for an AB=CD
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claydoctor KLang
2 years ago
Agree, but, if we head toward that #3 bump (even if we don't get to the top of the trend line resistance as during previous patterns, which BTW would agree with the "rounded top" theory I had on the IWM, then if they are in sync, we should see them both drop down from that resistance to a long term trend line support or the 100 MA, which would configure a "V" on your 123 bump chart expression. And the bottom of that "V" also is in the area of your retracement stated, right? IMO either way, if even if, this rise back up - it is short lived. Thanks.
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claydoctor
2 years ago
so do we pull up at the 195.5 or not? how we close here should say a lot about tomorrow, and this large move's intentions.
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KLang PRO claydoctor
2 years ago
I believe that AB=CD is in play. Target is show. At the extreme, the Broadening Formation is in play - but I'm not so sure it will
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claydoctor KLang
2 years ago
From all the Buzz I've heard today, my take away is, the dip buyers missed their marks this time. Makes sense. A consensus that 195 is the magic number. I wonder though, with all the news dragging on stocks more now than in some time, accumulatively. But if we close tomorrow below 195 and it even looks like that could happen at mid day, watch out, no one will want to be long going into the weekend, and we may head lower past TGT. We will see.
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KLang PRO claydoctor
2 years ago
How can dip buyers missed? Maybe they don't think we've reach a buy point
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claydoctor claydoctor
2 years ago
as silly as it sounds, full moon oct 8th. My Jewish friends are on holiday now.
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KLang PRO claydoctor
2 years ago
Do I know you from twitter? You sound like some other ppl I know...they follow that moon/numberology/astrology stuff. I like chart patterns.
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claydoctor KLang
2 years ago
No, I prefer patterns, charts too. Moon stuff is sillyness. But remarkable in that the past year the "pattern" has been very true. Also, just discovered this full moon oct 8th, is a blood red moon. Que the twilite zone theme. :) http://www.pray4zion.org/TheComingBloodMoons.html
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