They don’t get more orderly than this. Here’s the hourly chart of the ES, 24 hour S&P fuguetures. The 5 day cycle projection is 4350-55. Trend resistance comes in at about 4360, but it’s rising. If they clear that, then 4400, which by one method would be the conventional measured move target, would be within easy reach.
This isn’t just on the hourly. Looking at the 5 hour bars we see that the move came off a nice high base consolidation. But as it has gone parabolic, and cycle indicators reach the area of their last highs, we have to wonder if this isn’t the end of the line. Rally Broadens as It Gains Momo
For moron the markets, see:
- Rally Broadens as It Gains MomoJune 12, 2023
- Swing Trade Chart Picks – Let Your Profits Run June 9, 2023
- Gold Set Up for This Cycle Low June 7, 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
- The Most Widely Forecast Economic Disaster In History May 16, 2023
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