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Fan Line Rest

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

Alphabet (AKA Google) has had a rough three days, falling each day since its earnings came out on Monday. I noticed something interesting, however. Thursday’s low came precisely at the Fibonacci fan line.

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This is one of a series of fan lines I drew a long time ago, and as you can see, the stock had steadily climbing up that particular fanline with virtual certitude. So this is either a fantastic time to go long a stock which has proved itself to have Herculean strength, or we’re very close to an important failure for the first time in a decade.

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