eichler, nice call on today's spx doji, tomorrow should put in the right half of a morning doji star, ok so a i was a couple of days early in getting bullish, oh well -g-, yesterday the leveraged otc bulls started switching into the leveraged bear fund and created enough capitulation, i believe for a good rally.
going back to bollinger's tome on contrary sentiment, first there has to be a consensus and then there has to be a news event to shake the consensus, which was today's market news.
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the spx did a tail on 6/15 below 20 day bands and that started a rally (or consolidation), and today's doji was also an escape out of the lower bands and now i believe i have a confirmed five waves down from the may top, which should indicated at minimum we will retrace at least 38-100% of the move down from may,
tomorrows gap coming off such bearish put/call ratios and rydex ratios will be a breakaway gap imo and create a rally that should last several weeks, the upper 20 day band on spx is at 1250, which may be the first target.
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