DrStool Posted August 12, 2021 Report Share Posted August 12, 2021 Way back on August 2, the ES fucutures made a peak at 3 AM NY time. Little did we know at the time, would be the beginning of the little uptrend line has since been touched 3 times. Each time, the advance was repelled. But alas, each time it did, the market pulled back. And each pullback formed a higher low. The result has been that a pennant has formed on the chart. A pennant is a chart pattern. And as we know from the Third Law of Market Dynamics, all patterns are bullish. For now, the 5 day cycle projection is only 4455. But if they finally do take out the green trendline of death, then the next resistance line, and likely target of the next pop is around 4464. Support is around 4438-40. But there are multiple support lines below that to 4430. The ES would need to break 4430 to suggest potential reversal. And now for your longer term listening and dining pleasure: Gold is Facing the Kiss of Death We’re There, And Here’s Where That Is Chart Picks – 41 Buy Signals and 28 Sell Signals Give Us 3 Picks US Economy Just Went Over a Cliff If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter. Link to comment Share on other sites More sharing options...
PullMyFinger Posted August 12, 2021 Report Share Posted August 12, 2021 Speaking of lines of death, NQ keeps making lower lows and bouncing off the green line. Fourth time since Monday, plus one last week. Link to comment Share on other sites More sharing options...
DrStool Posted August 12, 2021 Author Report Share Posted August 12, 2021 Let's call it 4 touches with failures, now on the ES Link to comment Share on other sites More sharing options...
PullMyFinger Posted August 12, 2021 Report Share Posted August 12, 2021 60M NQ. Getting close to 610 EMA (olive colored line, currently at 14935). Approaching the fifth touch or near touch since 7/21. Hmmmmm. Link to comment Share on other sites More sharing options...
PullMyFinger Posted August 12, 2021 Report Share Posted August 12, 2021 And here come the bounce attempt. 610 EMA strikes again. Came within 6 points of it, close enough for my sloppy work. Blind pig finds a truffle for a change. 🐖 Link to comment Share on other sites More sharing options...
DrStool Posted August 12, 2021 Author Report Share Posted August 12, 2021 It would be funny if it weren't so ridiculous. Link to comment Share on other sites More sharing options...
Jorma Posted August 12, 2021 Report Share Posted August 12, 2021 The market is like Secretariat around the far turn at Belmont. Link to comment Share on other sites More sharing options...
DrStool Posted August 12, 2021 Author Report Share Posted August 12, 2021 5 day cycle projection 4469. Link to comment Share on other sites More sharing options...
DrStool Posted August 12, 2021 Author Report Share Posted August 12, 2021 5 day cycle projection 4475. Link to comment Share on other sites More sharing options...
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