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kean

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Reply with quote  #1 
Fib,

Last Thursday you made a post on TT as a reply to an eager bull believing the "blast-off" was underway.  In it you said:

"Ahhh...but is there enough fuel in the tanks to allow the shuttle to achieve escape velocity?

The internals are showing its still a bit early on this end...just a normal reflex bounce, with a bit more consolidation needed before we see the next phase higher.

Patience."

Has your opinion changed since that time, or is there more down-side to go before the fuel tanks are replenished?

Thanks for your thoughts.

Tim

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fib_1618

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Reply with quote  #2 

Hi Tim

With respect to that specific post, we wouldn't attain "escape velocity" until we're able to break above the declining tops lines of the various breadth (and to a lesser degree volume) McClellan Oscillators. But as many people have once again realized, when we have the MCSUM's as high as they were before the unwinding process that began on 10/23, it's very hard for an opposing trend to develop and, in fact, we're likely to see higher price highs accomplished first before any correctional price action really gets going. So breaking above the current MCO lines of resistance will then provide enough fuel that would separate these same higher price highs from that of divergent momentum highs and that of an on going trending sequence from the initial breadth thrust that got us up here in the first place.

Make sense?

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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Remo

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Reply with quote  #3 
Thanks Fib,

Yes, it makes sense. It was me in TT

Well, maybe blast-off was too strong word, but anyway I really think we're heading to spx 1200 until any meaningful top forms.
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kean

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Reply with quote  #4 
Fib,

Thanks.  It does make sense.  It sounds like you're still expecting this correction to continue before we see that "escape".  Correct me if that's a misinterpretation.

I am wondering, however, where your declining tops line is referenced to on the MCOs.  Is it the March peak?

Tim

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fib_1618

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Reply with quote  #5 
Quote:
It sounds like you're still expecting this correction to continue before we see that "escape".

We should have the answer to that as soon as today.

Quote:
I am wondering, however, where your declining tops line is referenced to on the MCOs. Is it the March peak?

Yes...as shown on the weekly cumulative charts.

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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doc

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Reply with quote  #6 
Hi Fib,

Looking over the charts at DP, I am seeing several of the indexes sporting potential summation failure patterns. WE've got the bounce off the zero lines and now a hesitation in the +100-250 range. This is almost picture perfect on the XLK breadth and volume summations. The XLF is also on the verge of dropping below what I view as critical support at -500 level on its volume summation.

Yes, patience is warrented.

Doc
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