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Following on my general comments regarding symetry yesterday in my first
post, note the very steep decline on the left side of the extreme low
without significant pivots - this has been very tough resistance. Now note
the pair of blue horizontal lines drawn from the daily pivot highs 128250 &
128750. Failure to reach at least one of these two pivot highs would be a
sign of weakness while a move above those pivots will confirm the move and
provide a support zone at the pivot lows - red lines. Key pivots such as
those at the blue line are often price attractors and corrections often
begin once the pivots have been reached. When price fails to reach such key
pivots before correcting, the entire move is called into question i.e. if
price does not reach one of these two pivots, the correction is likely to be
very strong. As always, I look for confluence between my pivot work and
fibonacci expansions and retracements.
Earl
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