This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
A little later today, I’ll be off on my travels to Slovenia, Slovakia, Poland, Czechia, and Germany. I’m saying farewell to Zadar, just as yesterday it seemed to say farewell to me!
I will pack my trusty laptop snugly in its favorite backpack, so that I grab it from time to time and work along the way, publishing Liquidity Trader, the Wall Street Examiner, and keeping our little group of friends here up to date on my thoughts about the daily market squiggles from time to time.
I don’t know how much posting I will be doing today. I’ll be on a bus for 6 hours, heading from Zadar to Ljubljana, Slovenia. For now, at 3:15 AM in New York here’s how the hourly ES chart looks.
As in the same trend channel the market has been in since June 21. As in slight new highs. As in still with reverse head and shoulders breakout measured move targets of 4315 and 4350. The first is all but a done deal. The second looks likely too, just not this week.
There’s not enough fluctuation for a 5 day cycle projection. On a 2-3 day basis we’re looking at 4308. They’ve broken through the top of the megaphone pattern at 4295. That and 4290 look like s-port. Breakouts of rising trendlines often signal acceleration, if they’re not immediately reversed into a false breakout.
A band of trendlines from 4301-05 should present resistance. If not, the next would be currently around 4315. They’re all rising. Here comes the judge.
Ciao! I’ll check in whenever possible!
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.