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Re: 123tom post# 3703

Thursday, 02/16/2017 1:23:40 PM

Thursday, February 16, 2017 1:23:40 PM

Post# of 11271
What caused the plunge?
IMO, with the rsi above 80 for almost 2 weeks and finally in 90's it was a perfect spot for this. Yesterdays high pole should have been the final clue to traders that a retrace was in order. Add that it rode outside or on that upper bb for those two weeks and it also was reason for this. For me, I am watching to see if the 50 day at 4.98-5.00 gets tested.
R-3 pivot is at 4.72 and 'maybe' a smash low.
News will play a role as well if a catalyst is near.
If we mark a fib retracement from 4.25 breakout to 6.64 then #'s from here are 5.45 and 5.17.
This gives me a target zone of 5.00-5.20.
Best wishes.....Has been very tradable lately.

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