ER2 charts
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nothing has changed on the 60 minute chart.
both gaps are still open even though the price action has visted each briefly. 790 area gets a 4 th test of support this morning. if it fails, we may see some panic from the bulls and a retest of the recent lows,
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after the last post, another triangle formed and broke down, this morning all downside measurments are made exceot the triangle if you measure it as a flag, the next target is 771 minimum, with a full retest of 762 maximum. there is no sign of a reversal pattern at this point, and no sign of a failure of the bear patterns.
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762 is also a neckline on the daily chart for a good size head and shoulders top, if this thing breaks and confirms with volume as well as price, then this would target 685. just have to take it one step at a time and watch what unfolds and how the price action is affected at each support and resistance level. 20 ema on the monthly chart is 752 and untested for 6 months. 720 shows well as major support on the monthly chart
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short setup near 790
right after the l;ast post, an inverted HnS formed and broke to the upside. now the price action is near the target area and price resistance.
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now near some minor support for a first test
looks like the group that is holding this up is getting smaller and smaller...with all these gaps near here, this can start popping either way like pop corn. first test of support is usually a nice bounce. the volume pattern looks bad for the bulls right now as it is not confirming the moves up in price. volume is used as a subjective confirmation tool, but price is used as the primary decision maker
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