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Or is it?
Click to engorge.
The hourly oscillators certainly suggest so. It’s a quite bullish pattern. To confirm, the ES fucutures need to clear 3335. That would break the last peak, and the downtrend channel.
The conventional measured move implication of such a breakout would be 3430.
This isn’t foreordained. First, it needs to get to a current 5 day cycle projection of 3320.
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