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ES ($SPY) and Oil ($USO) Continue to Unwind in Bear Market Profile

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Increasingly, ES (Emini S&P 500) looks and acts like a bear market profile: vicious, oversold rallies that fail to inflict any meaningful damage to the dominant, developing downtrend. In the current set-up, let's also notice the large-rounded Top formation (lower chart) that is on the verge of completion-- and downside continuation, which will lock in a major Top. The unwinding of that Top could be treacherous for the S&P 500 names. As for Crude Oil, to get any upside traction, it must

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