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We Know Where This is Headed 6/8/21

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

Yes we do, don’t we, boys and girls? This chart tells us, and even prints the target for us at the top of the right side scale.

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That’s right. 4237.

Which, we can see if we zoom out on 2 hour bars, would be a full on test of the May 9 high.

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And yes, if you see another barfing brontosaurus pattern, a hallmark of this market, your eyes do not deceive. This market has been nothing, if not a parade of dinosaurs plodding ever uphill. We know how that ends, right?

But until the planetary extinction event, we must follow the rules of modern technical analysis. All patterns are bullish. All trends are bullish. Uptrend channels are bullish. Downtrend channels are bullish. Oscillator buy signals are bullish. Oscillator sell signals are bullish.  Head and shoulders and flags, pennants, double and triple tops and bottoms, Hindenburg omens. They’re all bullish.

Fed taper talk? Bullish. Inflation? Bullish. Good jobs, bullish. Bad jobs, bullish.

The trend is your friend. Don’t fight the Fed.

Yadda fucking yadda yadda.

By the way, the 5 day cycle projection is currently 4245.

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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.

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, 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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