Slope of Hope Blog Posts
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There have been three instances since the start of 2013 where on the SPX 15min chart there have been clear lower highs and lows, delivering a clear retracement or consolidation period. The previous two were both short, lasted less than two days before breaking up, and were in effect bull flags. The third retracement started yesterday. Here’s the setup on that chart. I have the obvious initial target for this move in the 1490-4 area, anything lower should deliver a decent retracement lasting considerably longer than the last two: