OK, I keed. I keed.
We got the little 3 day cycle pullback into what should be the low of that cycle right now. But whether the 5 day cycle has also topped out isn’t yet clear. It depends on what happens between 7:20 and 9:30 AM ET.
The pullback has reached trend sport, as I write. If it continues lower from here, then the 5 day cycle high was yesterday and we get a down phase into Monday, maybe Tuesday.
If the hourly ES, 24 hour S&P futures, holds at 4558, then we get another shot up into a 5 day cycle high today or early Monday. That would show the wave still skewing to the right and up. Which would then imply a short pullback or consolidation and another wave to another new high by next Wednesday or Thursday.
Wash, rinse, repeat.
For moron the markets, see:
- Swing Picks Following Gold’s Yellow Brick Road July 18, 2023
- Finally, A Few ShortsJuly 17, 2023
- Young Bull Growing Stronger July 17, 2023
- We’re Not There Yet July 16, 2023
- Stocks Are Scraping the Ceiling July 9, 2023
- Withholding Tax Rebound Sets Up a Bearish Fed Catch 22 July 6, 2023
- Golden 13 Week Cycle Turn and Other Hopeful Signs 7/5/23 July 5, 2023
- It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
- We Now Know What is Driving the Rally June 20, 2023
- The Fed’s Slush Fund is Working June 16, 2023
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