Posted by chlo8888 on 15th of Dec 2022 at 02:21 pm
Matt-
Correct me if I'm wrong but we have broken symmetry on the
selloffs right? The plunge from yesterday's high so far is 222
points which exceeds the 214 and 182 point pullbacks. Doesn't this
imply that a lower high from here could setup an even deeper
plunge? This break of symmetry seems bearish right?
I commented on it below and remember the day is young, so if
another drop to a new intra day low, the symmetry will be exceeded
even more, which would make it more definitive
exceeded symmetry by about
11 points. 11 points out of 214 isn't much, technically it's a
break but it may also be within the noise. That's where this stuff
gets a bit iffy subjective. I like it when symmetry is strongly
exceeded so that there's not question about it vs did it break
enough or is it within noise
otherwise going back to
something I discussed in my newsletter a couple weeks back where I
discussed a scenario showing how the market could top out in early
Dec, then sell off before Christmas - and finally get some sort of
Santa Rally...BUT..that Santa rally would form a lower high - and a
symmetry break would be your first confirmation of that potential
scenario coming
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Matt- Correct me if I'm wrong
SPX 120 min symmetry
Posted by chlo8888 on 15th of Dec 2022 at 02:21 pm
Matt-
Correct me if I'm wrong but we have broken symmetry on the selloffs right? The plunge from yesterday's high so far is 222 points which exceeds the 214 and 182 point pullbacks. Doesn't this imply that a lower high from here could setup an even deeper plunge? This break of symmetry seems bearish right?
I commented on it below
Posted by matt on 15th of Dec 2022 at 02:24 pm
I commented on it below and remember the day is young, so if another drop to a new intra day low, the symmetry will be exceeded even more, which would make it more definitive
exceeded symmetry by about 11 points. 11 points out of 214 isn't much, technically it's a break but it may also be within the noise. That's where this stuff gets a bit iffy subjective. I like it when symmetry is strongly exceeded so that there's not question about it vs did it break enough or is it within noise
otherwise going back to something I discussed in my newsletter a couple weeks back where I discussed a scenario showing how the market could top out in early Dec, then sell off before Christmas - and finally get some sort of Santa Rally...BUT..that Santa rally would form a lower high - and a symmetry break would be your first confirmation of that potential scenario coming