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That’s right, today’s 5 day cycle projection on the ES 24 hour futures chart is 4880. That’s also the conventional measured move implication of Friday’s high base breakout.
Hard to believe, Harry.
The See No Evil Market marches on. There’s a rising trendline from 4855 to 4862 when NY trading opens, that would need to be broken to end this phase of the meltup. As of the NY close, that line will be at 4880.
That’s the meltup channel. Don’t get too excited if that breaks. There are multiple trendlines and cycle lines coming up below that which should stop any pullbacks initially. The first of those is running nearly parallel to the channel line, about 20 points below. So there’s not much chance of a big drop from here in the short run. It’s 5050 For Sure
For moron the markets, see:
- It’s 5050 For Sure January 22, 2024
- Gold Hits Melting Point January 18, 2024
- Swing Trade Screen Picks – Ready for Blast Off or Dive Dive! January 17, 2024
- Weekly Bank Data and Fed Balance Sheet Say the End is Nigh January 16, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- Macro Liquidity – The Party’s Over January 1, 2024
- Dealers Stay Extended December 16, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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