Or Baby Head and Shoulders.
Methinks it’s a wee bit too obvious as it has played out over the past couple of days on the ES, 24 hour S&P futures. The neckline is downsloping. The ES would need to have an hourly close below 4495 to then have an implied price target of 4468. If it doesn’t break 4495, then I’d look for 4517 later today. ‘
For moron the markets, see:
- Finally, A Few Shorts July 17, 2023
- Young Bull Growing Stronger July 17, 2023
- We’re Not There Yet July 16, 2023
- One Small Step For Gold, One Giant Leap for Goldkind July 11, 2023
- July Starts Ugly After Fabulous June July 10, 2023
- Stocks Are Scraping the Ceiling July 9, 2023
- Withholding Tax Rebound Sets Up a Bearish Fed Catch 22 July 6, 2023
- Golden 13 Week Cycle Turn and Other Hopeful Signs 7/5/23 July 5, 2023
- It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
- We Now Know What is Driving the Rally June 20, 2023
- The Fed’s Slush Fund is Working June 16, 2023
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