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Thursday, October 11, 2018

$SPX - Deep Pullback Confirmed

The deep pullback scenario played out and price is approaching the main support.  The 2,750 deep pullback target was reached today.  An underthrow is possible though.


Upside is becoming quite attractive to the magical 3,000 SPX target, and we would expect that in approximately 6 months. 


The weak bull market continues with the main channel intact.


Daily Chart

12 comments:

  1. We have seen confirmation of the deep pullback which is great since it is the most profitable scenario!

    SCOctober 4, 2018 at 8:37 AM

    "Yes, that is correct. The difference is the size of the pullback. Shallow pullback to test white trendline or deep pullback to 2,750 main support."

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  2. Notice that the midfork was overthrown by 40 points. A 40 underthrow gives a price of 2,680 SPX. So possible we could see that figure on a capitulation.

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  3. There's 2,725!! Touching main support.

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    1. SCOctober 11, 2018 at 8:38 AM

      The deep pullback target 2,750 has been reached!

      "Today the pink line is at approximately 2,725. A little more downside yet..."

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  4. Might add one more batch UPRO later. Waiting to take SVXY position.

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  5. Outrageous profitability! Crashes every 6 months!! The frequency is unprecedented. The golden age of trading!!!

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  6. Nice bounce off main support!!!

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  7. I bought a 44 spxl have a nice average cost hopefully we get it we get a bounce to 2850

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    Replies
    1. Like you, sold all longs at the top, just bought all back today

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    2. frank the shortterm charts were topping indicators were horrible i bought at 49 45 and 44 spxl good average

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