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Right Shoulder Right Shoulder, Roll Over, Roll Over 6/3/21

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This is the 9th day in the same 1% range. But we now have a completed head and shoulders top pattern with the ES fucutures sitting right at the neckline at 6:10 AM in New Yak. A breakdown looks all but certain.  The 5 day cycle projection is 4175-85. Significant support is indicated around 4178. 

tvc_ab0e5e8a65d93c156dccb0ca64fc8f2f.png

 

Two of the three hourly cycle indicators are bearish. Momentum is holding on near neutral.  They are all slightly below zero, so a downturn from here could get some teeth. But a stick save could also send them soaring. Failed head and shoulders breakdowns often lead to vicious short squeezes. 

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Meanwhile, 

 

 

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Here it is zoomed in to 30 minute bars. They bought (aka covered) at the neckline. Shorts look to be in trouble if they clear 4200. 

tvc_7f56f0ad434ccde9d7e2acb102a3ebfb.png

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I have a big bunch of nothin'. Well, even more than usual, and that's saying a lot. Just a bunch of ABC moves on 60M ES. Went down and pierced the 610 (olive green) EMA twice so far, but couldn't close below it, then took off in a northerly direction. Doesn't seem to like that 610 much. It ran away pretty quickly. Let's see if the 55 EMA (red line) can contain the move and turn it back down. I'm even more confused than is typically the case. 

Screen Shot 2021-06-03 at 9.30.51 AM.png

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I just added a live customer service, sales chat feature to LT. I have arrived in the 21st century. 

As I was working with the new app, I figured out that it was a Russian company. Putin now has a backdoor into everything I do.  😲😲😲 

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WAITING FOR THE BOND SIGNAL

The market wants to go down but is waiting for bond rates to blow out some more.

For this to significantly happen the bond market in turn waits for some more inflation confirmation data.

Its all a waiting game right now.

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