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Got youses attention, did I?
Does seem like we are IN THE BEGINNING of the unfolding of the catastrophic scenario that I have been forecasting to begin once the 10 year vaulted past 1%.
But for today, the 5 day cycle projection is only 3912, hardly a catastrophe. Even if that breaks there’s trend support at 3908 and every 5-10 points or so down into the 3860s. If we’re going down today, it should be bouncy. However, below 3867, the bottom starts to drop out.
If support holds, look for resistance around 3930-34. 3934 would be the neckline of a reverse head and shoulders pattern. If they managed to clear that, that would start another mini short squeeze, probably good enough to get the ES back to 3950 for starters.
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Bulletin! Treasury Paying Down $55 BILLION RIGHT NOW to AVERT CATASTROPHE!
Bear With Me, Here’s Why I Gotta Stay Long
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Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes.
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