6:00 AM ET Cycle analysis says that the 5 day cycle is now in a down phase, despite the ES fucutures being at a new high for this rally. If this is the down phase, I can’t wait to see the next up phase. 🤒
The market never got close to the 5 day cycle projection of 4290 on the up phase. I can’t rule out that it will get there belatedly. The 2-3 day cycle projection is now 4270. That wave is in an up phase.
So it’s a mixed bag, but one thing is plain. It’s still an uptrend, a soft one, but up, nevertheless. Channel support is at 4244 as of 7 AM in NY. Resistance lines are at 4255, 4257, and 4263. If those are cleared, then the upper cycle projections would be in play today. If they break the uptrend, I would expect the market to give ground grudgingly, down to 4234. There’s some air space below that if they can crack it.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post. If you are a new visitor, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
