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The 5 day cycle projection at 1 AM in New York was 3205. 3185 is now support. If that breaks, then we can talk. Otherwise, bullish.
At 7:15 AM in New York, the 5 day cycle projection had risen to 3215. 5 day cycle hourly indicators had formed negative divergences, and highs are due in both the 3 and 5 day cycles today. So that gives the bears some hope for the day.
15,000 COVID cases were reported in Florida yesterday. On a Sunday! Holy cow. Scary.
I expect deaths nationally to begin to exceed 1,000 per day based on the recent trend. The weekly pattern is for the high to be reported on Tuesday, then less all week, particularly on the weekend.
UPDATE 10:30 AM ET
Well, obviously, the July trading range was a consolidation.
The conventional measured move target is 3255, well above the June peak, which would imply even higher prices. I’ve dealt with those issues here.
UPDATE 11:25 AM ET
3 day cycle projection now 3235. The 5 day cycle projection has expanded to a range of 3235-3275.
UPDATE 2:15 PM ET
Downticks from negative divergences on that break on the hourly chart should be sell signals. However there’s trend support at 3200 and 3195 that needs to be taken out to confirm a 5 day cycle top.
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