6:00 AM ET Cycle analysis says that the 5 day cycle is now in a down phase, despite the ES fucutures being at a new high for this rally. If this is the down phase, I can’t wait to see the next up phase. 🤒
The market never got close to the 5 day cycle projection of 4290 on the up phase. I can’t rule out that it will get there belatedly. The 2-3 day cycle projection is now 4270. That wave is in an up phase.
So it’s a mixed bag, but one thing is plain. It’s still an uptrend, a soft one, but up, nevertheless. Channel support is at 4244 as of 7 AM in NY. Resistance lines are at 4255, 4257, and 4263. If those are cleared, then the upper cycle projections would be in play today. If they break the uptrend, I would expect the market to give ground grudgingly, down to 4234. There’s some air space below that if they can crack it.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post. If you are a new visitor, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
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.