chart shows possible down move action. remember NOTHING goes down in a straight line!! Ideally with wedges should get a retest of the bottom of the wedge..which would be a GREAT short opportunity...(the stop would be as shown...so RR would be good). If nimble a long position once this 1st wave down has finished...or hedge shorts...
keep eye on Euro weakness (weak euro = weak equities - at least for last 6 months!) Also Crude oil no rally here yet ...are we going to test 18???? If so does not bode well for equities...
will look at crude long term chart next post
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