Normally we don’t think of wedge patterns as leading to breakouts, but this one might. Here’s how it looks on the 2 hour bars of the ES 24 hour S&P fuguetures.
And zooming into our usual look at the hourly bars. It’s a messy pattern, but clearly bullish, with higher lows and higher highs as it continuously breaks longer and longer trendlines.
So this appears headed for another trend break. The 5 day cycle projection looks like 4030.
Can bears win it? Sure. There’s a shot. But they need to take out 3960 to take possession.
For the big picture:
- We Hold Our Gold Miners, Add Another May 24, 2022
- Even Steven in This Week’s Swing Trade Screens May 23, 2022
- Stocks Are Ahead of the Curve May 23, 2022
- Market Indicators Show Crash Risk Remains Intact May 22, 2022
- Gold Miners Make Short Term Bottom, But Wait, There’s More! May 17, 2022
- Buys Beat Shorts Again in This Week’s Swing Trade Screens May 16, 2022
- Dealer Positions Show It’s Not Getting Better and It Should Get Worse May 15, 2022
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