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I was a bit anxious to see ^NDX breaking its recent support line.
One of the basic characteristics was apparent today.
Below the support it is easy for the market to erase early gains.
This is the way the support becomes gradually a resistance.
We need some further evidence:
When the market will go lower and will attempt to reach again the
support/resistance level.
In the lack of success, the market should find new, lower equilibrium
areas. The lower we go the more uncertain.
With this "simple" mechanism we see new LLV for more than 3 years.
The end of this procedure is not visible [for me]
Shall I spend some money to buy new glasses ?
Shall I trust the next fib level ?
Shall I decide for some Elliot subwave 3 of wave 4 as an alternative
of subwave 5 ?
Shall I trust a great automatic trading system with great profits in
the past ?
It is better to know BEFORE.
After the turning point, EVERYBODY will find the reason.
I have to know before.
And, it is not the easiest thing in the world.
Dimitris
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