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Post# of 47295
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Thursday, 11/06/2014 4:44:17 PM

Thursday, November 06, 2014 4:44:17 PM

Post# of 47295
Expect S&P at top and will retrace and fill gap below, now. This will be the wash back from the "V" bottom 1st target being reached. After wash back, time to watch for 3 month continuation on mid term election odds.

I'm calling this because FAS gapped yesterday when S&P didn't and FAS didn't pop again today when S&P did. Tells me higher risk 3x ETF traders reaching exhaustion. And if high risk is taking off risk, odds are their signaling underlying stock (SPX) will retrace. Plus the chart pattern calls for a wash back sometime. May as well be now. LOL

So a position trade at FAS will start when top resistance is broken (be it 118 or higher, if my retrace call fails) But target will be 150 points at the S&P over the next 3 months. Seems a little extreme. But even though the "V" bottom target projects S&P 2150 in Q1 2015. Worth playing, with 75% of the time the market rallies, after mid term, for 3 month, odds. You can always adjust plan as needed on a position trade at FAS.


FAS


SPX



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