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The Market Is in a Consolidation/Correction


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#21 12SPX

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Posted 22 April 2021 - 09:34 AM

Shouldn't this be wave z by now though lol!!! 



#22 redfoliage2

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Posted 22 April 2021 - 12:23 PM

Shouldn't this be wave z by now though lol!!! 

Maybe you just got wave x right now lol!!!

But be serious I just went covered on this sudden dip seeing bulls still want a fight tomorrow.................


Edited by redfoliage2, 22 April 2021 - 12:27 PM.


#23 redfoliage2

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Posted 23 April 2021 - 09:46 AM

It looks that bulls are still in control.  But they need to get SPX above 4180 early next week to conclude the recent consolidation ...........................


Edited by redfoliage2, 23 April 2021 - 09:46 AM.


#24 redfoliage2

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Posted 23 April 2021 - 12:34 PM

At this point I see the recent consolidation is most likely over, but I still want to see a confirmation early next week..........................


Edited by redfoliage2, 23 April 2021 - 12:35 PM.


#25 redfoliage2

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Posted 23 April 2021 - 12:54 PM

I'm seeing a bullish divergence in the internals momentum indicator that also indicating the consolidation is likely over, and so we should get a follow-thru on Monday .............


Edited by redfoliage2, 23 April 2021 - 01:01 PM.


#26 redfoliage2

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Posted 23 April 2021 - 02:01 PM

What an uncontrollable bull.  Now I'd not be surprised to see both SPX and NAZ making new highs next week .........................



#27 redfoliage2

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Posted 23 April 2021 - 03:10 PM

It looks that bulls are still in control.  But they need to get SPX above 4180 early next week to conclude the recent consolidation ...........................

SPX closed the day at 4180.17 after day traders took profit in the last 30 min..................................



#28 pdx5

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Posted 23 April 2021 - 08:31 PM

Bull is on steroids! Look at the current PE ratio. All time overvalued market except that internet market of 2000.

https://ycharts.com/...sp_500_pe_ratio


"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#29 redfoliage2

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Posted 23 April 2021 - 09:19 PM

Bull is on steroids! Look at the current PE ratio. All time overvalued market except that internet market of 2000.

https://ycharts.com/...sp_500_pe_ratio

Daily prices are not determined by PE, but by the daily supply and demand, and so traders don't care about PE.   High PEs happen in bull market and low PEs in bear market ..................


Edited by redfoliage2, 23 April 2021 - 09:27 PM.


#30 redfoliage2

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Posted 26 April 2021 - 09:44 AM

I'm seeing a bullish divergence in the internals momentum indicator that also indicating the consolidation is likely over, and so we should get a follow-thru on Monday .............

By the close Friday NYMO first in a while reclaimed positive land  .............................