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Stock Proctologists Know When it Looks Like a Top But It’s Really a Bottom

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.

The American Society of Stocktologists (ASS) brings you this 2 hour bar chart of the ES, S&P 5+495 fugutures for perspective. At 6:30 AM in New York, as US traders arrived at their screens, a breakout was in progress. The conventional measuring implication of this base is, ahem…

4980

Do I hear 5,000?

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Now for the usual hourly bars.

It’s just as bad. We have a nice little meltup channel working. Only needs to be below 4765 by the NY open to break it. But there’s a 5 day cycle projection of 4,800 that would be the target for today.  First needs to clear resistance at 4760 and 4770.

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Meanwhile, the big picture.

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