And a-waaaaaay we go!
I’d now put the 1 year cycle projection at 2.15.
Meanwhile, on the 2 hour bars of the ES, S&P 500 futures, we see that stocks aren’t following the buttcoin for the first time in weeks. Maybe the phrase, “Be the buttcoin,” no longer applies. But Rule Number 1, “Don’t fight the Fed,” still does.
The chart shows that the market has broken a key uptrend channel going back a few days. Meanwhile, it has kept a couple of downtrend channels intact. A drop below 4447 should lead to a dramatic decline. If that level holds, more muddle to follow.
Here’s the usual hourly view.
The BTC breakout felt impressive, but look at the daily chart. The rally stopped dead at the downtrend channel parallel based on connecting the previous lows. It also hit an 8 week cycle project of 45,000. So are they done? The short term oscillators say, No! Gonna take you higher. My bet would be the next R level at 50K.
Next, the gyro. Of course, I’m effectively short, because I earn my living in doodahs and I live in Gyroland, aka Your Rope. After last week, I’m wondering if it’s around my neck and maybe I should start hedging aggressively. I didn’t bother me in Poland because everything was so cheap there, 5-10% one way or the other had no impact on me. Furthermore, the zloty was a little weaker than the euro, what with being next door to Pan Poutine.
But here in France, groceries cost about 2 1/2 times what they did in Poland. Rents are about 60% higher. Although I’ll only be renting for a couple months. I’ll be buying something. On which, I can lose money when the market crashes. But I don’t care. You don’t lose money if you don’t sell. Right?
MUAHAHAHAHAHAHAHAHA!!!
MUAHAHAHAHAHAHAHAHA!!!
Meanwhile, the big picture:
Don’t Be Fooled, The Economy is Still Growing And Still Bearish
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