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Ok, “PPT”, it’s up to you.

Posted By Mike On Feb 4, 2010 @ 1:55 pm In charts, crash | 1 Comment

How about a little of that late-day magic?

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Source: Prophet.net

Of course I think the whole Plunge Protection Team theory is nonsense. Not that there isn’t one, but that it matters — how come we still have crashes, and how come every stock market in the world goes up and down together (not to mention commodities, currencies, credit spreads, etc)?

At any rate, check out the upsloping RSI on the 5-min bar. That’s good for the bulls, maybe very good.

EDIT (2:05 EST): Noticed we’ve got a wedge forming — that’s an ending pattern. If we break the upper line it’s bullish:

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