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 670.92

+0.1%

Nov 7 4:00 PM EST

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To: GROUND ZERO™ who wrote (40213)	11/9/2012 11:20:41 PM
From: Chip McVickar	Read Replies (2) of 218591

One more chart to look at... Dow weekly with a very strong potential to put a frame to this decline. There isn't enough energy at the top to project a crash. This pitchfork gives the market its blow-off without any key reversals... even in the candles there is no extreme to indicate a crash is occurring...!!! Then this chart defines the primary magnetic draw-down to an orderly median line at 12500-12600. I like the way the upper tine held the market for about 6 bars surrounding the blow off. Also how the median line held price in the weeks of June and July. I expect this pitchfork will be in play for a number of weeks and possibly months as we watch the world sort out the sovereign debt problems the financial powers have thrust upon many nations. I like this fork... a lot...!!!

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