OK, so maybe it won’t get there today. Or maybe it will.
After all, this is done.
16 hours ago, DrStool said:2-3 day cycle projection 3875.
Looking at a 30 minute bar chart, the 2-3 day cycle projection now looks 3910 on the S&P fucutures. That looks eminently doable once they clear resistance at 3880.
Click to engorge
I don’t have a 5 day cycle projection yet. But if they get this to 3910 during the first half of NY trading, then we’d be looking at 3950 for that 5 day cycle projection. From there, 4000? Piece of cake.
Here’s a look at 2 hour bars for perspective. I no longer even need draw the dinosaur overlays. You can see them pop off the page in your mind’s eye!
The current pattern since the close yesterday is what I call the Hand of Leon Pattern. It’s the hand of Leon Cooperman reaching down from on high, pulling stock prices higher.
And last night’s note from Down Under. Swami Jimbo!
14 hours ago, Jimbo said:AND SO SWEET PRINCE GO QUIETLY INTO THE NIGHT
And so goes gamestop.
The only holders left are Redditor bagholders who think:
1/ The short squeeze is still on.
2/ Gamestop will be magically reincarnated as the Chewy of electronic games and all things electronic game related.
3/Plus shorters who think it will decline even more.
The speculative mania has moved on to other more inviting targets.
Follow my intraday observations here. And by all means, register and join the fun!
Dicksclaimer! 90% of anything I write here is pure sarcasm. The other 10% is impure sarcasm.
I give you my wormest wishes, from my heart to your ear. Happy Trades to You!
Unfortunately, the technical picture has turned darker in the short run. The wallstreetbets crowd bullish raid on silver hasn’t meant much for the mining sector either.
There were lots of sell signals last week, but this isn’t the big one. Yet. We just need to be prepared for it.
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Here’s the QE imbalance forecast for February. It gives us an outline of what to expect.
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