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 668.73

+1.5%

Nov 24 4:00 PM EST

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To: Chip McVickar who wrote (51721)	6/13/2013 10:20:16 AM
From: Joseph Silent	Read Replies (2) of 219286

I have been watching a channel that we've been traveling in between October 2011 and now. At this time we are doing a half-dead bounce at the mid-way line. I suspect that we are going to break below it either now or after a small bounce. This correction is taking its time. The very worst case I see for now is 1500 and I would be surprised if we got there. I think it is more likely we resume the bull move from around 1550+ (approx) which is the boundary of the channel's first quadrant. There is also support at around 1575 where it should kick a bit and maybe even recover from because those are prior bull-market highs. I've been traveling and will try to post one or two charts next week showing where I (geometry) think the next incline for our climb will be ...... the next backbone line. :) Edit: right now we are on the line from which we bounced the last time we touched it. I suspect this is why we are seeing today's bounce.

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