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PLS chart, page-10472

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    That candle for today is called a "hanging man". It indicates that there is as high probability that the SP will retreat tomorrow. Now the question is whether it will retreat within the rising channel (which it should do regardless as it is near the top of the channel) in which case the range for tomorrow is:
    461 - 492
    OR
    if it will start a small retrace out of the channel in which case the likely range (essentially a guess) is:
    443 - 474

    If the latter we might expect it to test the support channel on Monday at around 430.

    There is no way to know at this stage but it is likely to test the previous bottom (424), but not quite get there - hence 430 looks a good candidate, but 443 might do as well, although I would not expect it to complete the test in one day of retrace. If it stays in the rising channel tomorrow that will merely postpone a back test, and ultimately that test should be something like a 60 - 78% retrace.

    So at this point we are clear of the down channel, but not clear of the retrace ( as it needs to rise above 500 before we can say that with confidence), but it does have a candle that suggests a pull back, and it is a little earlier than we would like, but then it can satisfy the candle and stay in the rising channel, so 460 seems to be the key number. Above that we are rising, below that we are probably retracing a little, but likely only to test support briefly, and then we will be on our way. Either way I expect it to come down a little tomorrow, although it could finish higher.
 
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