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Another V Bottom 1/11/21

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Ugh. Here we go again. Is this the beginning of the Rigor Mortis Rally I warned about? 

That V bottom on the hourly of the ES S&P futures ended up forming a reverse head and shoulders pattern that was completed in the wee hours this morning. The measured move implication is 4770. The 5 day cycle projection so far looks to be a range of 4730-50. 

The market is currently in a meltup channel. The bottom of the channel is at 4685 as of 6 AM in New York. It rises to 4700 as of the NY open.  At the same time, it faces resistance from there all the way up to 4726. A shallow pullback from that area would portend another upthrust late in the day. 

tvc_3d4232a33141f5c699344088d992b649.png

Meanwhile, bears are a long way from gaining control. For starters, they'd need to break the meltup channel. Then they would need to take out a key support level. Hourly oscillators are still very bullish, so I don't want to speculate on that until there's an inkling of a turn. 

Meanwhile, the big picture. 

No Mercy

Don’t Be Surprised, or Fooled, By a Rigor Mortis Rally

Breakout Under Way!

When Boring Isn’t Bullish – Gold

Wheels Are Moving in Slow Motion for the Top

 

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22 minutes ago, MisFit Kid said:

Nada again....

looks like 4640 was the buy it all signal

>: 15 minutes to fix all problems.....again.......

Bears suck, maybe its A. Rodger's Fault......

At least you won't have Nagy to kick around anymore.

Nagy was the name of the Hungarian premier in 1956 who tried to establish Hungary's independence from the Soviet Union & the nascent Warsaw Pact. After the revolution was smashed, Nagy was tried & executed for treason.

Fun times in Central Europe... fun times.

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