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Posted in Lee's Free Thinking

The Last Mega Megaphone 6/21/21

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

A little panic after the close on Friday, with piling on in the early going in Asia broke the longest megaphone. But the Europeans rode to the rescue at their open, bringing the ES futures back from a touch of the lower line of the shortest widest one. Hourly oscillators roughly representing a 3-5 day cycle turned up from their lowest levels since the May 12 and 19 lows.  So this looks like a short term bottom, with some backing and filling, and a possible retest or minor new low likely before liftoff.

5 day cycle low projections were obliterated on the selloff.  Even a 2-3 day cycle low projection of 4137 was smashed.

The comeback hit resistance at 4169. Next likely R levels are 4172 and 4182.


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

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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.

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