Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 687.72

+0.7%

Jan 5 4:00 PM EST

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To: Hawkmoon who wrote (40223)	11/11/2012 6:43:11 PM
From: GROUND ZERO™	of 221349

I fully agree, it looks bearish... to answer your question on the "normal downside resolution on a rising wedge pattern," I can offer two things with some historical reliability... Message 28540903 1) Most all wedges and pennants typically break at the 65% point, and it looks like this pattern is just about at that point right now... this 65% break out or break down pattern is so reliable that it has been called the 65% rule... look at other wedges and discover how reliable it is... 2) The typical measured move from the break is as much as the distance from the beginning of the wedge to the break down point itself... this would suggest that the SP could possibly see the 1050 to 1100ish level before this measured move is over... I personally find this almost impossible to believe, but this is the measured move according to the charts... of course, this market first has to break down, so we'll see what happens... it should be interesting... GZ

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