ER2 charts
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Ascending tri / trading range
minor support and resistance have both been tested 3 times. A breakout either way can set off some short term panic in either the bulls or bears. Right now the chart is bullish, and becomes more bullish if the tri breaks out and holds above the breakout. The bearish transistion would be a break of 823 or so and then use that breakdown for resistance. All the while this thing is still drifting over to the dashed blue demand line. Patterns do not offer any special insight into the future, they only establish objective points on the chart that never move, therefore, these points can be used for trading decisions.
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Weekly breakout support is tested again
for the thrid time. It is impossible to predict where a bounce will happen, but what is more important that you realize what "is" happening now. This level is getting pounded and if it keeps up, it will crack under the strain. YOu note from my earlier posts on the weekly chart, I never did think much of the volume for the breakout in the first place.
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Now sitting on the weekly demand line
the reason I am on the weekly chart is because right now it is very relevent even to short term trading. This was a big sell of but we also had a big stick back on May 12 that is about the same size. The result in May was the start of a correction that continued into August. There is no way to tell if that is the case now. However, the open and the close on this weekly stick will form the body on Friday, and that will set some very important spots to watch.
When the market turns bearish like it did in May, you will first notice that reversal patterns at support will fail over and over. You will need to realize these failed patterns are as valuable as the succesful ones and very tradeable. The purple triangle is now a failed pattern, and should be used to short rallies in the near future. Bear rallies are very steep and very tuff to catch on the long side, but easy toi catch a short entry at resistance. This would be another sign of a bear market. Fib retracements off bounces at supports will be anemeic and rarely make it above 38%. Tonight the news channels are full of speculation and worhless info. I rarely watch news at all, and simply remain vigilant.
When the market turns bearish like it did in May, you will first notice that reversal patterns at support will fail over and over. You will need to realize these failed patterns are as valuable as the succesful ones and very tradeable. The purple triangle is now a failed pattern, and should be used to short rallies in the near future. Bear rallies are very steep and very tuff to catch on the long side, but easy toi catch a short entry at resistance. This would be another sign of a bear market. Fib retracements off bounces at supports will be anemeic and rarely make it above 38%. Tonight the news channels are full of speculation and worhless info. I rarely watch news at all, and simply remain vigilant.
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a small inverted HnS is setting up trading @ 786.60
a higher low here may spook the bears. LOD is 783.8 so far.
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