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Weekly Market Recap: Market Overbought In Short Term, Though Bullish Uptrend Still In Play

Wealthion - Be Financially Resilient

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The Technical Review of the Market, Bulls in Control

Fibonacci retracement is a mathematical formula that shows up in everything from sunflower seeds to the distance between your elbow and tip of your fingers. It also applies to stock markets as well, which have a specific pattern when they break down. The first rally was 23.6%. Once we got that's this little red area at the bottom of the chart,. That pretty much sets the markets to go ahead and complete the rest of that retracement all the way back to previous eyes. We're direly in need of a 5% to 10% correction in the markets just from a technical standpoint.

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