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My last post was a couple of weeks ago now and in that time the retracement that I was expecting has been playing out, though the main target, rising support from the March low, now in the 3745 area, has not yet been tested, and may well not be before we see a high retest.
Why is that? Well the patterns forming here look like bear flags, and while the low this morning overshot my ideal bull flag channel support on SPX by five handles or so, the action today has only strengthened the case that the next move is likely to be a retest of the all time high on SPX.
Before the open this morning I was noting that hourly buy signals had fixed on ES, RTH and YM, and since then hourly RSI 5 buy signals have fixed on SPX and IWM, with another brewing on INDU. There is a lot of upward pressure building here, and as well as the clear bull flag , the retracements so far on RTY, DAX & ESTX50 all also have the look of bull flags forming.
I seriously cannot believe these GameStop fanboys.
So last month they were all doing chest bumps as they drove the stock to $513, only to see it collapse to $40 and linger there. Then, on Wednesday, GME went bananas again. I didn’t know if I could stomach looking at /wsb, but I peeked, and sure enough, they were all ecstatic and predicting GME’s ascent this time would be $1,000. The reason? Big. Round. Number.