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hardnox
Advisor

SX all of the sudden

the chart is taking on the look of a 5 wave triangle which would suggest a thrust .80-1.00 lower.

 

Triangles only occur in the 4th wave of a 5 wave move or in the B position of a zigzag correction, so it is consistent with the former.

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4 Replies
hwr247
Senior Contributor

Re: SX all of the sudden

so what your saying is the laws of supply and demand dont matter?

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hardnox
Advisor

Re: SX all of the sudden

A lotta pent up demand, owing to the shortened up SA crops.

 

A whole lotta supply, assuming we get this thing harvested.

 

The problem with funnymentals is that you have to decide which funnymental matters, and you have to understand the the market is ahead of whatever you think.

 

So yeah, I'm inclined to think that in this case both the funnys and the techs are in alignment, unless something changes fundamentally.

 

There's a lot of buying to be done but supply will eventually overwhelm.

 

And regardless, I was just reporting what the chart looked like. Didn't follow though today but didn't change anything either.

 

If it changes I'll change my view.

 

Write this on the dust in the hood on your pickup- changing your opinion is the hardest thing to do (particularly if it is contrary to what you want) but it is the most imprtant thing to learn how to do.

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hwr247
Senior Contributor

Re: SX all of the sudden

when i read your comment i thought you were talikng math in geometry class!

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sw363535
Honored Advisor

Re: SX all of the sudden

From a charting perspective--- this is the 5 th time nov. has tested the 9.50 and not been able to stay below it since August 1....

 

I guess I miss what is bearish about that history.png

 

But according to this chart it does look "shakey"  🙂