Yes we do, don’t we, boys and girls? This chart tells us, and even prints the target for us at the top of the right side scale.
That’s right. 4237.
Which, we can see if we zoom out on 2 hour bars, would be a full on test of the May 9 high.
And yes, if you see another barfing brontosaurus pattern, a hallmark of this market, your eyes do not deceive. This market has been nothing, if not a parade of dinosaurs plodding ever uphill. We know how that ends, right?
But until the planetary extinction event, we must follow the rules of modern technical analysis. All patterns are bullish. All trends are bullish. Uptrend channels are bullish. Downtrend channels are bullish. Oscillator buy signals are bullish. Oscillator sell signals are bullish. Head and shoulders and flags, pennants, double and triple tops and bottoms, Hindenburg omens. They’re all bullish.
Fed taper talk? Bullish. Inflation? Bullish. Good jobs, bullish. Bad jobs, bullish.
The trend is your friend. Don’t fight the Fed.
Yadda fucking yadda yadda.
By the way, the 5 day cycle projection is currently 4245.
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