DrStool Posted December 3, 2021 Report Share Posted December 3, 2021 In short, lower highs and lower lows, with multiple attacks and failures at sport lines. Aka "support" for the uninitiated and uninoculated. If this was a daily chart, it would be a bear market. No doubt that's coming. This is what the stock proctology cycle chartists call a fartcall of things to come. But of course, hope springs eternal in the hearts of US traders and Federal Reserve chart technicians. So as they got to their screens earlier this morning, the market began to rally smartly, or should we say "stupidly," again. The 2-3 day cycle projection is 4605. They got to 4601 so far. Close enough? I'm not sure. There's not quite enough data for a 5 day cycle projection yet. Another hour or two for that. A sharp enough pullback in the early going in regular trading would set up another lower high. There's a ton of resistance 4595-4605. If they clear it, back to 4630 we go. If they don't, bears ball with great field position. More later! Meanwhile, the big picture. Here’s What to Key on With Gold on the Brink of Failure Second, Even Bigger, Explosion of Sell Signals in Swing Trade Screens Market Variant Not As Bad As It Looks When the Fed Balance Sheet Will Hit the Fan 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...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 Seems about right. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 The most bearish sign of all is that nobody is here today. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 If they break this low, the measured move implication on the hourly would be 4420. Link to comment Share on other sites More sharing options...
BreakOut Posted December 3, 2021 Report Share Posted December 3, 2021 55 minutes ago, DrStool said: The most bearish sign of all is that nobody is here today. Not a single Frazier reference. They were everywhere in 2008. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 2-3 day cycle projection now 4415-20, about the same as the conventional measured move target of a breakdown on the hourly chart. Link to comment Share on other sites More sharing options...
GregFokker Posted December 3, 2021 Report Share Posted December 3, 2021 Not looking to be a happy or bullish place to park it going into the weak-end. Link to comment Share on other sites More sharing options...
Jimbo Posted December 3, 2021 Report Share Posted December 3, 2021 The Sign Hood Uber Webroke all below IPO level. The IPO level can be regarded as a pivot point for these stocks. A lot of shareholders fold at that level. Also very psychologicaly damaging for the stock. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 HOOD, appropriately symbolic. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 Ordinary triplish double bottom. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 Shorts doing their job of supporting the market. He who sells what isn't his'n must buy it back or go to prison. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 Oh, this gonna be beeyooteeful ugly. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 Yet another bottoming setup on the hourly going into the bell. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 I'm disappointed, but not surprised. Link to comment Share on other sites More sharing options...
DrStool Posted December 3, 2021 Author Report Share Posted December 3, 2021 Shorts are faint hearted. But the fewer shorts there are the bigger the crash will be when the bottom falls out. Link to comment Share on other sites More sharing options...
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