I just feel sad for my friends in Ukraine. When I lived in Warsaw until the end of January, I was just 125 miles from northwestern Ukraine, which borders Poland along the southern half of its Eastern Border.
I feel sad for my friends in Poland, and I worry for their safety too.
I feel sad for the world.
I feel sad for US!
You know how I love to joke around.
Not today.
This is a 4 hour bar chart of the 24 hour ES S&P 500 futures . The breakdown of this head and shoulders pattern measures to 3800. Yesterday I wrote that I thought it could get there this week. I’ll stick to that forecast.
There’s an even bigger pattern of the overall bull to bear market top covering the past 8 months that measures lower. Whether that target would mark the end of this first leg of a major cyclical and secular bear market is too early to project. I’ll save the long term analysis and outlook for Liquidity Trader.
For the day to day, which is our focus here, from the hourly view of the ES I derive a 5 day cycle projection of 4050.
UPDATE 4:30 AM ET The market has bounced and will try to form a low around the convergence area of multiple trendlines at 4110-4125. A short bounce this morning would normally dissolve into a lower low. I would still look for that 5 day cycle projection of 4050.
For the big picture see:
Crash is Now a Coin Flip
Primary Dealers Are STILL Positioned WRONG!
Gold Breakout Points To More, Miners Swing Picks Look Good
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