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Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.

— Marcus Aurelius

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Thursday, December 6, 2018

Let's talk about bottoms

Here are a few sayings about bottoms

"Only monkeys pick bottoms"
" picking bottoms will give you smelly fingers"

Why ?  The usual CNBC talking heads are still spouting the bullish side...
 


" In the case of the Double Bottom Reversal, a significant downtrend of several months should be in place."
"Prior Trend: With any reversal pattern, there should be an existing trend to reverse. In the case of the Triple Bottom Reversal, a clear downtrend should precede the formation." 


DOW daily
Watch out below if that support breaks 
Triangle measured target is around 22100
Which sort of ties with the first target


DOW WEEKLY
Could be short term support around this "triple bottom" - just because everyone is looking at it - the buyers will not be strong hands
Next support is probably around 23050 (look left) 
Then 22000/21300



2 comments:

  1. Today looks like bottom for next 2-3 weeks, assuming there is santa rally this time. But if not, then blood bath continue to 23000 level.
    Very interesting setup for both bulls and bears!

    ReplyDelete

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