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Here is an excerpt from our trading plan.
We’d like to welcome a number of new members who just signed up today on board. Please make sure you read yesterday's post before proceeding with this post, as there's a lot of explanations that we won't be repeating.
The transition into Dip6 is happening
Yesterday Wednesday we wrote:
“On Thursday or Friday, the bouncing that we mention will likely start...
There’s a high probability that $VIX $VXN will surge at the start of tomorrow Thursday where $VIX can reach into the zone between 14.6 and 15. $VXN may reach up to 18.5...Then $VIX $VXN are likely going to drop as $SPX $NDX $RUT rise back up to test the highs of Monday 7/15...
If you have already entered UVXY TVIX SQQQ TZA, you may think the market has started Surge7 and is moving against you. This isn’t the case. This is just a test. And this test is crucial for $VIX $VXN to really rise up, and for $SPX $NDX $RUT to have a meaningful drop that constitutes Dip6.”
It is pretty amazing that $VIX $VXN $SPX $NDX $RUT pretty much followed this script during the day today Thursday. (Sorry we have to crow about it for a bit here :-)
You do understand this greatly increases the pressure for us to come up with another precise script tomorrow. Well, for that we offer you this $SPX hourly chart.
The rest of this article covers:
What to expect for Friday: bull trap
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