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Trying To Bottom 9/24/20

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Here's that beautiful 2 hour bar chart again. It sure looks like it's trying to bottom here, if you look at where it is, and the behavior of the lower indicators. In addition, the 5 day cycle projection of 3218 was hit.  But I would have expected more of a V. Instead, it's just lying there. Cue Jaws theme. 



On the hourly bars, the indicators have turned, saying that the bottom is in. But not saying what shape the up phase takes. Sideways would be bearish. Bulls need it to clear 3240. Otherwise, they got nuttin! NUTTIN' I tell ya! 



On the 30 minute bars, the indicators look bullish with the ES forming a double bottom. But again, they need to break that downtrend. The number to beat on this chart is 3232. That should be enough to confirm a stronger 5 day cycle up phase and perhaps more. But if they don't break 3232, then they go at least to the trend support line at 3195, or worse. 




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37 minutes ago, fxfox said:

We are now in an „bad news is bad news“ environment. This is an outcome of a lack of liquidity.

Vice versa when „bad news is good news“ means there is enough liquidity there to bomb the markets higher.

Is my interpretation correct, Doc?

You are here. That's bullish.  😁😁😁

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Uncomfortably, I am naked long. But only in story stocks that had pulled back to near 200 or 100 day Triangular avgs. 

ES had a slightly lower low with strong positive divergences on hourly and half hour basis. Classic short term bullish setup. 


This is not the last word. They must sustain above 3240.  Otherwise, there will be carnage. 


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