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Finger patterns are a common feature of bear markets, less so for bull markets. And it’s never good to anticipate that a pattern will complete. But we should keep an eye on this. Because if it goes all the way in, bulls will experience the pain
If we look at the hourly chart of the ES, 24 hour S&P fucutres, we see a pinky pattern. However, to have the full middle finger pattern on the daily chart would require the market to drop to 3805 today. I’m not sure that’s a realistic expectation. At the moment, as of 6:45 AM ET, the 2-3 day cycle projection points only to 3850, which would leave the base of the finger exposed.
However, a breakdown below 3875 would create an extreme head and shoulders top pattern on the hourly. It would have a very weak right shoulder and measure to 3800
That would complete full middle finger insertion to the bulls.
Grab some popcorn and stay tuned. This could get interesting.
For moron the markets, see:
- Swing Trade Screen Picks – Low Conviction January 9, 2023
- You Think That Was The Bottom? Think Again January 8, 2023
- Withholding Taxes Are Soaring January 6, 2023
- Gold Has Begun a Cyclical Bull Market January 4, 2023
- Here’s Where Short Term Signals Either Confirm Bullish Or Else January 2, 2023
- Composite Liquidity Still Bearish, No End in Sight December 23, 2022
- May Gold Be Merciful Unto Us, Amen December 19, 2022
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