ChartMan said:I notice that there are a lot of reads on the first day of the week..... To save you all some time and wasted effort, I rarely post anything until the close..... I open the thread so that if anyone else wants to post, they can do so.
It's a while since we've had a substantial bottom so some of you may not know about the 4 slope changes that can be a useful guide in determining this. You can also see the "W" bottom formation today as well. I'll expand on this in the 1 min thread.... It is no coincidence that the high at 128 was the old support line- this was extrapolated from Friday, demonstrating the importance of getting your S/R channel lines in place. They are RARELY as the textbooks say- across the highs/lows or opens/closes... They are better placed where they "look right". Strange, but true.
To get out of this, we'll need to see 120 back as support. Until then, wait and see.
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