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My Zig Zag Wasn’t Wrong… Yet… So Far 11/18/21

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.

Yesterday morning I stuck my tongue firmly in my butt cheek and produced this chart of the ES, S&P 500 fugutures.

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So far, it isn’t right, but it isn’t wrong either. At least not yet.

Yesterday, I wrote: 

  On 11/17/2021 at 11:03 AM, DrStool said:

Now I’m not going to play pretend and act like I know which this is. I’ll let the market tell us. It’s pretty clear that if they don’t break 4675 later today, this sucker is likely headed for the freakin’ moon.  This top/bottom pattern would have a conventional measured move target of 4795 if it breaks out to the upside.

Today, we’re still in mid No Man’s Land.

The parameters to watch today are 4695 and 4685 on the downside. Bears need to retake those to have any shot at getting anything going on the downside. Bulls still need to clear 4718 for an upside breakout, and potentially explosive projectile move.

So the zig zig lives until proven otherwise.

For more on the big picture and elsewhere:

Gold Breaks Out, Sets New Targets, Miners Move

Benefit of the Doubt to the Upside Until Proven Otherwise

The Fed Pulls The Plug, Macro Liquidity Cruiser Starts Its Turn

Buys and Sells in Balance in Swing Trade Screens

Why Jerome Powell Had a Frog In His Throat

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