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Breakout Support Already Tested

The thing about technical analysis is that everyone sees things a little differently. Here in this chart of JPM I feel it actually broke out 6/15 but came back and tested that breakout support area this week. Note the higher volume on the 2nd breakout. Now I feel a swing is viable with a stop below Fridays low. Stepping back a bit, you'll notice the larger picture shows a possible left shoulder and head which I feel we should be aware of. Now there's no guarantee that JPM will even get that high at all. News can easily come out of Europe sending EUR/USD crashing and taking the equities market right along with it, BUT if things remain quiet, I would expect resistance [profit taking levels] where marked on the right border and move your stop up as you go. Good luck

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  • Funny you should say that about T/A, Kos. If you shorten the time frame to May through June and you kinda have an inverted H/S bottom(the flash crash skews it a little). But like you said, everyone sees something a little differently when it comes to patterns in T/A.
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