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Whether the last 10 weeks we have seen are a brief sell off or the start of a major bear, the 70s and early 80s seem to indicate that 10 weeks in we are due for some sort of rally.
That's the million dollar question if there ever was one.
The way most bases look, I would suspect we still need more time. However its always amazes me just how fast they can climb up the right side of their base. Also, even if the market has a FTD, nothing says it can't be a garden variety, relief rally composed off of junk off the bottom.
Hopefully if we see a bounce some of the stronger names can play canary in the coal mine and we can see how the move will treat breakouts.
I believe you mentioned a pocket pivot in a previous post, could you give an example and is this attempt at a rally meet the criteria of a pocket pivot?? Also could you remind me of the book you referenced for pocket pivots?
I'm not Abe, but I'll take a stab at this for you.
PP = highest volume day in the last 10 (I think) days or 15 in a choppy trade. As an example = look at MLNX 6/6. It didn't technically break out as we classically define it, but some traders like using the PP to get in early during an uptrend.
"...is this attempt at a rally meet the criteria of a pocket pivot??" I don't understand what it is your asking. Please clarify.
Book on PP. Read Gil Morales, Link: www.amazon.com/.../ref=sr_1_1
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