Yep, it does appear that that reverse head and shoulders pattern on the ES, 24 hour S&P futures hourly chart has been completed… by a hair. I’m not exactly confident that this will be sustained, like any of the moves over the past two days. But if it is, then the conventional measured move target would be 4440.
On the other hand an hourly close below 4384 might mean that it won’t be sustained. Then the ES would need to break the trend channel rising from 4380 to 4390 today to get a foothold. Failing that, up we go.
The 5 day cycle projection is 4410. Hourly cycle oscillators are iffy. No help there.
For moron the markets, see:
- It’s Only an Intermediate Top June 25, 2023
- Swing Trade Chart Picks – First Time in Months, More New Shorts Than Buys June 23, 2023
- We Now Know What is Driving the Rally June 20, 2023
- Gold Gets Nearer Important Cycle Lows June 18, 2023
- The Fed’s Slush Fund is Working June 16, 2023
- Investors Breathe Sigh of Relief But D-Day Is Now June 6, 2023
- Incomprehensible, That’s What You Are June 2, 2023
- Modestly Hedged Dealers, Record Short Hedge Funds Suggest Disaster Ahead May 25, 2023
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