The proof will be in the putting. If they clear 4380 on the hourly ES S&P futures chart, then I’d say good to go.
But they seem to have shifted from a dominant 5 day cycle to 3 day dominant. If that holds, then this cycle has peaked and today will be a down day. How to tell? First tell that the pattern doesn’t hold would be to clear 4380. OTOH, an hourly close below 4367 would suggest that the pattern remains in force, and down we go. Nothing dramatic immediately, since 4350 is a sport level.
If they clear 4385, then they go to 4400-4410 fast. On the other hand, It’s Only an Intermediate Top
For moron the markets, see:
- It’s Only an Intermediate Top June 25, 2023
- Swing Trade Chart Picks – First Time in Months, More New Shorts Than Buys June 23, 2023
- We Now Know What is Driving the Rally June 20, 2023
- Gold Gets Nearer Important Cycle Lows June 18, 2023
- The Fed’s Slush Fund is Working June 16, 2023
- Investors Breathe Sigh of Relief But D-Day Is Now June 6, 2023
- Incomprehensible, That’s What You Are June 2, 2023
- Modestly Hedged Dealers, Record Short Hedge Funds Suggest Disaster Ahead May 25, 2023
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