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Posted in Lee's Free Thinking

If This Is The Down Phase! 6/24/21

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

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.

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