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Re: How do you spot reversals?
dear walterw,
I attache a today´s mini sp picture.
you can se how the reversal 60 minutes candle is formed on the support area located between 1451 (top of past days) and 1454.75 (top of 5th, april). this area was resistance last week, today is support. look at how the base of the head candel lines exactly on the 1454.75. see aswell how the 50% tile area has been support area for today (1453.75 approximately). At the same time observe the volume bars (both are the highest of the day. Anyway, this is an example of combining candles 60 min with volume bars but today I wouldnt enter an order because of we are quite high in sp and elliott tells me that a down is close. I would buy at levels of levels of 1450 but reaching first levels of 1465 if we had this pullback and volume/candles realtionship is positive for a bullish entry
best regards
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