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fib_1618

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Reply with quote  #1 

Here's the updated chart through Friday to compliment the Cumulative Charts thread posted this past week. As you can see below, all that the line did was to find initial support at it's 10% Trend (19 day EMA) before rebounding higher. Keeping in mind that this took place while the NYSE breadth MCO showed downside acceleration between the two moving averages, the contextual interpretation would be that the oscillator moved to a shorter term "oversold" level (MCO) within "overbought" intermediate term advance (MCSUM)...basically creating a wash between the two, a price pattern consolidation should occur because of this, and a hold signal generated.

We'll see how things go next week, but do notice that the intermediate term 5% Trend (39 day EMA) is just under the "1959 line", and this should provide ultimate support of this potential pause in the pattern structure (hopefully with bull divergence in the MCO, and with the MCSUM closer to the zero line).

All in a perfect technical world, of course.

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

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fib_1618

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Reply with quote  #2 

For those who may be keeping score, here's the updated chart through Friday's close. You've got to admire the power it took to plow through the compression resistance line given the longevity of this current pattern sequence. Having been able to do this as effortlessly as it has highly suggests that the next several weeks will continue to benefit the bulls.

Next stop: the all time highs.

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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fib_1618

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Reply with quote  #3 

2000 data points to go...this can be done in the next 2 weeks if all goes well.

Like I said last week, you have to admire the power of this current move.

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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