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Alsi triangle support trendline

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Are we going to break the trendline to the downside today?I think so.
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Morning Christos, Well I did mention us getting to the 27,000's a while ago. We do have some serious support points to break through (28400, 828200 and of course the ever psychological 28000. But when these do go and I am of the opinion that they will be falling in the next few weeks, that upper 27,000's is quite possible again.
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The thing about downside moves, is that they tend more often than not to be fast and furious. When you camp around a support line, like we are now, the risk of further downside becomes greatly reduced. Even if we were to break down, the probability of a big move is pretty low.
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Rams
Super Contributor
look at SP500 10 or 15 min chart- was camping around support for a very long time, went long at 28780 based on this and because it confirmed my signals on other indicators---look at the chart--"it screams at you and bites in the bu.." that was from you skaap
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actually, I don't think that is what I said - certainly not the biting in the dereierre part, but a good setup does scream at you - that you can quote me - still patenting it - but for you - cheep cheep.
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O.K. my medium term view is that the alsi will eventualy break through the top trendline of the daily triangle to make a new high.But is the corection to the downside complete?I dont think so.Look at an 1hr chart of the alsi.There is a smaller triangle within the big triangle, that broke through the top trendline and nearing its target.The big triangle seems incomplete to the downside according to elliot wave patterns. The SP500 futures i think is slowly moving up in what i think is a b wave also getting closer to completion(if it is a flat).So at the moment i am out sitting waitig for the c wave to start to the downside on the sp500 futures.c waves price action is always much faster price action.
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Rams
Super Contributor
yes, closed my long and will close my short shortly
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Rams
Super Contributor
That price action was very fast....
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Rams
Super Contributor
Well done again Christos--you need to take on the title of ULTIMATE CHARTIST....
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The head & shoulders targets 28400+-.Thanks for the compliment but i do not compete.For me the guy we can learn the most from is skaap.
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Closed out enjoy the weekend.
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Rams
Super Contributor
Interesting week...talk about volatility....multiple longs and shorts all on the same day....
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Gap through our support trendline.Starting to look more like a real triangle now.
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Takes my total for the month to 600pts - with a short trade still active (current monthly total 700pts) - very nice. Wish my long term holdings could say the same.
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Rams
Super Contributor
closed my short.... will wait for a retracement for a second short as long as 1 hour downtrend remains intact, otherwise will go fishing.
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Rams you like to go fish hey..what do you catch..
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Before u go fishing consider a gap close.
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Morning fellas, Well I was shot down last week saying this was not a great probability and we are right where I said we would be. testing psychological 28000. Christos, yes nice seeing that break but on EW was that not a textbook abcdefghi (9 count) in a triangle? So where to for the week? Lets see if I get my desired of upper 27000's. Last week was 1100 points for me so had a fairly decent week.
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gap to close..why do you say so?i dont think it will but it be interesting to know why you think it will.
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20 point move on the sp500 more or less 500 to 600 point move on the alsi.Quite a long story to explain.But maybe i am wrong.Eventualy more downside to come and then go long for long.
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