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fib_1618

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Reply with quote  #1 
Are now up and can be reviewed by clicking here.

Fib

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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

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"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

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kean

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Reply with quote  #2 
Fib,

What are the chances the ledge that has been forming for so long doesn't resolve to the down side?

Tim

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fib_1618

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What are the chances the ledge that has been forming for so long doesn't resolve to the down side?

The odds are very much like when a price pattern moves into the apex of a triangle...the further it moves into and beyond the apex (in this case more than the usual 1-2 weeks that accompanies a ledge formation), the less the assurance of the probable anticipated move. In other words, it dictates a high degree of indecision where things could go either way once clarity is known.

We also have to keep in mind that many of the broader sub sets of the NYSE breadth MCSUM are already at or below their zero lines where a correctional process can be called complete. This provides a floor of sorts. At the same time, the OEX and DOW breadth MCSUM's are highly "overbought" which will make it hard for the bears to get anything going to the downside with the cream of the stock market crop.

Quite a predicament for both sides - for the bulls not being able to see a pick up in positive money flow on a trending basis after bringing balance between buyers and sellers, with a bigger one for the bears who have tried without too much success to break the wall of worry and make it an actuality.

In any case, waiting for the proper energy to where a trend might be able to develop is the best course of action and that will come once we start to see dot expansion on the MCSUM (in either direction). For now, we're finally starting to see the internals breaking down in many areas other than that of the multinationals. This would suggest that we should see some price softness over the next several days, and maybe an anticipated 9 month low that is ideally due to nest at the end of next week.

Fib


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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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