DrStool Posted April 12, 2022 Report Share Posted April 12, 2022 You can see it clearly on the hourly chart of the ES, S&P futures. The market has been cycling like clockwork every 3-4 days. Overnight they completed another downleg, exceeding the 5 day cycle projection of 4400 I posted at the close of regular trading in New York yesterday. Now they're on their way back up. But how far. With 3 downlegs complete, can we expect a bit more upside this time? Much depends on what happens when the get to that multiline convergence around 4430. If that holds, then the bears are very much in charge. But my guess is that they'll get through that, and then target 4450. If they clear 4440, that would have a conventional measured move implication of 4495. First they'd need to clear the key trendline at 4470 later today. How likely is any of that? Based on the hourly cycle oscillators making new lows and not forming any positive divergences yet, I'd say, not very. I think they'll roll over again below 4440, then we'll see if the price pattern and the oscillators set up more bullishly on the next pullback. Gold’s Last Chance Before Summer Vacation April 12, 2022 Primary Dealers Still Long and Wrong, But A Gift Rally Looms!April 11, 2022 Swing Trade Chart Picks Maintain Sell Side Tilt April 11, 2022 There are Profit Opportunities in a Rangebound Market April 10, 2022 Why March Withholding Taxes Showing Red Hot Economy Is Bearish April 3, 2022 Fragile and Dangerous Semi Blind Spot March 28, 2022 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 April 12, 2022 Author Report Share Posted April 12, 2022 Well there you go. I was wrong. I didn't count on that bullish 8.5% inflation news. Link to comment Share on other sites More sharing options...
DrStool Posted April 12, 2022 Author Report Share Posted April 12, 2022 For the uninitiated, that was sarcasm. Link to comment Share on other sites More sharing options...
Jorma Posted April 12, 2022 Report Share Posted April 12, 2022 5 minutes ago, DrStool said: Well there you go. I was wrong. I didn't count on that bullish 8.5% inflation news. Liquidity wins. Well at least is should run to the lead, as long as the system is working. Link to comment Share on other sites More sharing options...
DrStool Posted April 12, 2022 Author Report Share Posted April 12, 2022 https://wallstreetexaminer.com/2022/04/at-its-rotten-core-inflation-surprised-only-the-fed/ Link to comment Share on other sites More sharing options...
BreakOut Posted April 12, 2022 Report Share Posted April 12, 2022 Your chart looks like liquidity sloshing around in my emptying gas tank. Link to comment Share on other sites More sharing options...
DrStool Posted April 12, 2022 Author Report Share Posted April 12, 2022 That rally picked up a few short stop orders this morning. Dealers needed short inventory. Link to comment Share on other sites More sharing options...
DrStool Posted April 12, 2022 Author Report Share Posted April 12, 2022 5 day cycle projection 4380 essentially done. Link to comment Share on other sites More sharing options...
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