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Is This Goose Ready to Eat? 8/4/22

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.

I haven’t seen so much green on a chart of the ES 24 hour continues S&P futures since I was in Ireland on St. Patty’s Day. Oh. Wait. I’ve never been there, done that.

Meanwhile, both the 2-3 day and 5 day cycle projections have moderated to 4165-74. I thought it would be interesting to split the difference between the usual one hour bar look, and 30 minute bars. This is a look at 45 minute bars. On this basis it sure does look like this goose is ready to come out of the oven.

It may go a little higher, but as long as it stays at no more than 4177, the bears have a shot. We’d need to see around 4145 for a decent sell confirmation.

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Meanwhile, are we about to get some good news on gold. A little more upside here would break the downtrend, and perhaps confirm my bottom call.

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