The foxes are still consensus bullish with xCC. The last 16 weeks or so has shown overly excited action from the bulls that produced gaps between the close and open. In the two prior cases, the market pulled back from that action sharply. The last two weekly candles look a little like the black and red consecutive candles in mid-October.
This kind of structure is no problem for a buy and hold investor, but the last white candle is going to get some or all of it’s body munched off sooner or later. That kind of loss can be devastating for a short term trader. At the same time, Mt Lameduck looks to be this week’s main issue and the summit is about 8 SPY points away.
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