I don’t know about these persistent recurring bursts of buying. But they’re here. And this morning we’ve had an upside breakout of a nice big triangle pattern on the ES, 24 hour S&P fuguetures. The 5 day cycle projection is 4170. But over the past month or so, we’ve seen a 4 day cycle run like clockwork. On a 4 day basis, the projection is 4162. Ditto on a 2-3 day cycle projection. So either way there’s still a bit of upside projected from where we are at 8 AM in New Yak.
The high on the 4 day cycle is due now, with a second peak due on Wednesday. ON the last wave the second peak was lower than the first. If this pattern repeats with a higher high, look out above.
I have a Gold Trader report about to go in the hopper. Pull the chain to flush.
For moron the markets, see:
- Swing Trade Screen Picks – Meat Grinder Prevails February 13, 2023
- Rally Looks Great But Don’t Chase It Now! Here’s Why February 13, 2023
- US Treasury Throws A Shocker to Reverse the Stock Market Outlook February 9, 2023
- Swing Trade Screen Picks – Here are Two on the Buy Side that Stick Out February 6, 2023
- Rally Looks Great But Don’t Chase It Now! Here’s Why February 6, 2023
- SOS – Goldtanic Hits Iceberg, Ship Sinking February 5, 2023
- Composite Liquidity Should Be Bearish, Here’s Why It’s Not Right Now January 26, 2023
- Long Live the Bear. The Bear is Dead January 17, 2023
- A Funny Thing Happened on the Way to the Debt Ceiling January 16, 2023
- Withholding Taxes Fell Sharply in January February 3, 2023
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
