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Strategies & Market Trends : Wolfgangrene's charts
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To: Chris_Toronto who wrote (3739)3/20/2018 3:17:43 PM
From: The Ox1 Recommendation

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Chris_Toronto

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Superficially, they are saying that the recent top was an extreme event, similar to the 2009 bottom. Especially when viewed in the context of the ADX.

If you look back at the duration of the pull backs since we had the 2009 bottom, they've had a relatively small time frame, whereas the sideways moves tended to be longer in duration.

This doesn't tell us what will happen next, only that after such a huge move into overbought conditions, it may take a while before we get another substantial bull move upwards. It also suggests that this is only the start of a back filling phase, which will take longer to play out.

I'm sure there are plenty of people who would have an alternative viewpoint to my above thoughts....I would welcome other's input if they wish to contribute to the discussion!

Shorter term, the 60 shows 2 higher highs and 2 high lows. Looking for a break in either direction to give us a better view of the intermediate view of the market.... As long as the chart stays above the early March low, the pattern might be considered in no-man's land with a slightly bullish very short term read from me at this moment in time....

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