Crossing Patterns Confuse the Defense 9/25/20 was my original heading on the thread at the Stool Pigeons Wire.
Well, at least that was the case a couple of hours ago, but no longer.
The 2-3 day cycle projection as of 6:30 AM in New Yak was 3205. Looks like “Sell Rosh Hashanah. Buy Yom Kippur,” works again.
Anyway, here’s what I wrote earlier this morning:
What a mess. Let’s start with the 2 hour bars again.
Downtrend intact. Indicators say 5 day cycle is in an up phase. So far, it’s weak.
Now the 1 hour bars. Zooming in, the indicators say that the 2-3 day cycle has turned down. The pullback is underway, but it’s looking benign. If it holds above 3225 or so, it’s a consolidation in prep for another move up. If they clear the trendline now at 3252 at 5 AM in New York, then the next target would be 3268, and possibly points north. Bears would need to break 3218 to take charge again.
And here’s how it looked at 6:30 AM on the 30 minute bars.
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