DrStool Posted April 20, 2021 Report Share Posted April 20, 2021 OK. Looks like a classic top pattern on the hourly, right? Here's what I don't like about it. The right shoulder is higher than the left. The uptrend, while bending is still intact, and the big neckline is still below at 4140. If they break that with authoritah, then it's a top. lick to enlarge But what kind of top? Here we deal only with intraday and slightly longer matters. So we'll look for a boucne from either 4148 in the 5-6 AM hour in NY. Or from 4140, a little later. If they hold, no doubt the USA gang will again buy the dip. Well, we know they'll buy the dip. We just need to predict the dip to what? Beyond this, for the big picture check out: Space Needle Construction Under Way LEE ADLER 2 - TECHNICAL TRADER APRIL 19, 2021 If you are a new visitor, 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 20, 2021 Author Report Share Posted April 20, 2021 5 day cycle projection 4147. Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 Attention New York. Attention New York. There's a storm headed your way. Board up your windows, and sandbag low lying doorways and windows. This will be your only warning. Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 Here's an updated chart. I had to go up in the attic and find a red channel. Fortunately, there was an old one lying around, so I just rehung it. The 5 day cycle projection is 4133. Link to comment Share on other sites More sharing options...
Mkucstars Posted April 20, 2021 Report Share Posted April 20, 2021 Or we could go sideways... but I thought the space needle was a bit much. Haven't "Happy days" been priced in already? More free money is showing diminishing returns. We could simply be backing off from peak enthusiasm. When bears start talking about explosive upside... methinks it's already happened. Link to comment Share on other sites More sharing options...
Mkucstars Posted April 20, 2021 Report Share Posted April 20, 2021 I'm hearing the stimulus went into savings, just waiting to enter the market. Hogwash. I see my neighbors spending it as fast as they can. What will really hurt is when the eviction moratorium gets lifted. I do hope those people saved all the rent they didn't pay, but I don't hold out much hope. Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 I don't track sentiment. I just do the arithmetic. I can't quantify the probabilities of course. But when cycle projections point higher, it usually plays out. Will they get there in a space needle? Probably not, but I wouldn't rule it out, and it gets clicks. And clicks get subscribers. And subscribers make sure I have enough money to buy oatmeal and other fiber every week. And that's important for health. Eat lots of fiber, and Mr. Hanky will visit you at Christmas and every day. Very important! I like to reveal how I think so that there's no mystery. Link to comment Share on other sites More sharing options...
Jimbo Posted April 20, 2021 Report Share Posted April 20, 2021 THE FED AS SQUEEZER IN CHIEF So the Fed has provided the banks with an avalanche of cheap money. Which they have lent out to various family offices and hedge funds to ramp stocks and short squeeze the shorts. Im sure everything will work out fine. Leverage is good and makes you sleep soundly. (Sarcasm alert) Link to comment Share on other sites More sharing options...
Mkucstars Posted April 20, 2021 Report Share Posted April 20, 2021 So true, keeping the plumbing working right has a lot to do with good health. Hope everything comes out all right! 😃 Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 These things have a way of coming out ok. Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 I must say that this contraction is starting to smell bad. Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 Just had 3 stops trigger. Two longs closed and one short initiated. That means it's probably the low of the day. Link to comment Share on other sites More sharing options...
Mkucstars Posted April 20, 2021 Report Share Posted April 20, 2021 I'm looking to short QQQ again when it gets over 340. Sitting on my hands until then. I'm also taking Focus Factor to fight the dreaded CRS disease. (can't remember shit) Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 Yup. Looks like my space needle post will mark the top of all tops. Link to comment Share on other sites More sharing options...
DrStool Posted April 20, 2021 Author Report Share Posted April 20, 2021 And now that I've capitulated, this is probably the bottom. LOL It's marbles time! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.