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This looks like a nice spot for a short...JMHO.
We have heavy resistance and the volume has dried up on the rally, we probably need new buyers/fresh volume to break that resistance. Also on the fibs we are in the ambush zone and close enough to the 50% level that I see good risk to reward using that 50% as the stop trigger. |
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I think you're right. That last candle does look like No Demand to me. The real key is the Hammer that you alluded to. We probably need to see more volume to push through that level.
Having said that, the game is fixed. The fed, whose mandate is unemployment and INFLATION, now has taken on the job of supplicating to the market.