Is making me wait. This market can’t make up its mind. It’s too early for a 3 or 5 day cycle low. More work to be done. Likely heading for the Dick Trickle Memorial Point at 5274 this evening. Levels to watch in the meantime, 5248 for spport or breakdo…
He is still running.
If elected, he will not serve.
We now have an overnight double bottom on the 24 hour hourly ES with a modest positive divergence. This should be enough to give the 5 day cycle up phase some upside. 5230-35 is a serious o…
My gawd. I almost forgot to open this thread.
We finally got our 5 day cycle buy signal, but only after an overnight shakeout.
Why Gold’s Consolidation Is Probably Not Benign
LEE ADLER 3 – GOLD TRADER MAY 30, 2024
…
That’s the current 5 day cycle projection on the ES 24 hour S&P futures. It’s also a spport level, a hair above last week’s low. Meanwhile, hourly cycle oscillators are Dover Sole, down to the level where they bottomed last week. That doesn’t guara…
Well, that selloff yesterday was something!
But also nothing.
On the hourly chart of the ES, it was a minor correction. The breakdown of the top pattern has a conventional measured move target of 5235, but I’m not sure that will get hit. The…
Yesterday was Gimme Back Day. That’s the day when Wall Street dealers collectively say, Gimme Back My Inventory! They shake the tree. The low hanging fruit falls off. They pick it up from the ground and redistribute it in the morning at higher prices….
The market is still in an uptrend, but slower and slower. Will the momo reverse? They would need to have an hourly close below 5300 on the ES to create a reversal pattern.
Meanwhile, I’m slowing things down on the Train de Merveilles from Nice u…
Keeping in mind that cycles and liquidity turned bullish back in April, here’s the latest.
Higher and Higher
LEE ADLER 2 – TECHNICAL TRADER MAY 20, 2024
Cycle projections have increased across the board. A top is coming but…
Pop and drop and stop. That’s the way it goes. Now the question is whether we get a 3 day cycle low. With the hourly oscillators around neutral an upturn from this level would probably be a blastoff. However, by the same token, if they fold here, we co…
Yesterday’s rally had a bit of not a second, but a third wind, feel to it. The first leg began around April 18, when I was reporting that cycles and liquidity showed the market was headed for a new high in this bull phase. The second wind started on Ma…