DrStool Posted October 12, 2021 Report Share Posted October 12, 2021 If this was a daily chart, it would be a bear market. It's not. It's just 2 hour bars. And last week's triangle breakout looks like a bottom. The current pullback would be a test of the low, and it appears to have reversed in the last hour, as of 6 AM New York Times. Switch to the hourly bars, and this does look like a 5 day cycle low starting to form here. But at the same time, there are still several downtrend channels still in force. The test of whether the hourly chart bear market is complete will come when the current pop tests 4365, 75, and 85, if it gets to those levels. Clearing 4385 would suggest that a good short term bottom is in place. A rollover below that would suggest that the 10 day trading range is a consolidation in a downtrend. This is just the intraday look. For more: Head and Shoulders Above Get the big picture in your inbox every weekend. 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 October 12, 2021 Author Report Share Posted October 12, 2021 They couldn't make this more dull if they tried. The lack of posts is a testament. Tomorrow, I head for Szcezin. The center of Wroclaw is another ridiculously charming place. I should be jaded by now, but the architecture is just so jaw-droppingly gorgeous, I can't. It never gets old. Meanwhile, the work goes on. I'll work on a macro liquidity report on the train tomorrow. Link to comment Share on other sites More sharing options...
Jorma Posted October 12, 2021 Report Share Posted October 12, 2021 Cripes, they are still paying down bills. To my eye anyway. WTF? Link to comment Share on other sites More sharing options...
Jimbo Posted October 13, 2021 Report Share Posted October 13, 2021 INTRODUCING A NEW INDEX I would like to introduce a new index. The false narrative credibility index. The F N C I. This index tracks the credibility of a false narrative. The level of belief that the narrative retains. From 1 to 100. Take the transitory narrative as an example. It's at about 10 right now. Link to comment Share on other sites More sharing options...
Mkucstars Posted October 13, 2021 Report Share Posted October 13, 2021 Jimbo, do you have a backtest? Chart? I'd say 10 is being generous, need some proof Link to comment Share on other sites More sharing options...
Mkucstars Posted October 13, 2021 Report Share Posted October 13, 2021 Seems they spend all night getting the futures green, all day trying to prop it up and the last hour failing miserably. Link to comment Share on other sites More sharing options...
Mkucstars Posted October 13, 2021 Report Share Posted October 13, 2021 Bullish! Link to comment Share on other sites More sharing options...
Mkucstars Posted October 13, 2021 Report Share Posted October 13, 2021 When a simple correction can't be allowed and all time highs must be maintained at all cost, when the FED prints with abandon, we are near the end. God help us when it breaks. Link to comment Share on other sites More sharing options...
Mkucstars Posted October 13, 2021 Report Share Posted October 13, 2021 Nibbling on PM miners, bought SAND under 6. Got to buy em while they're on sale. I do know they aren't a miner but royalties are good. Love AG, was hoping to pick it up around 10. Now looking like the bargain was under 11 but I'm still hopeful. AEM buying KL, should be awesome if gold catches fire. Pretty good even if it doesn't. Link to comment Share on other sites More sharing options...
Jimbo Posted October 13, 2021 Report Share Posted October 13, 2021 The FNCI Your right Transitory deserves a 1 right now. The Fed is just trying to keep the bond herd from stampeding while the smart money quietly exits. Whilst the Fed is printing at a rate of 7% of GDP annually. The RBA (Reserve Bank of Australia) is printing at 12%. So Australia will get more inflation. The Aussie will fall against the dollar. And the J number will be higher in Australia. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.