The Awesome, Stark Beauty of This Uptrend 4/6/21

This is a syndicated repost courtesy of Stool Pigeons Wire at To view original, click here. Reposted with permission.

I thought I’d take a step back and just look at the current phase of the rally on an hourly chart. Bull or bear, as a chartist, it’s hard not to admire this.


It does not appear to be ready to quit yet. The projectile vomit of the fire breathing dinosaur, whose front half we see at the bottom of the chart, is still rising.

That despite the fact that this morning the market appears to be in a 5 day and 2-3 day cycle down phases that’s flat. It has reached the lower line of an accelerating inner channel. and appears poised to launch from there.

The lower line of that channel is at 4056 in the 6 AM hour in New Yawk. That line rises to around 4063 at the market open. So if they hold the ES fucutures above that line, prepare for launch to starbase 4100.

If they break that line with a downward stab, the larger channel support line comes into play this hour around 4045. And that’s where the decision on up or down will be made. If it holds, I would still expect a run to new highs, just a bit slower than if the inner channel holds, obviously.

Can you imagine! Talking about 4045 as support! Or “sport” as the case may be.

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This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.comView original post.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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