SMC Update Week Ending 8-4-23 Recorded 8-5-23
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Comments (7)
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Bearish engulfing weekly candles in World markets tied to bearish harmonic patterns. This is uncommon by any measure. I'm looking for a market break. If the Dow goes lower by 600 points or better in one session we will be off to the races.
My TLT projections are different. For the offsets 200/220 week (high/low, linear, 0% margin, nick: 0), I have a projection from 55.32-67.44.
I made a mistake. I should use the logarithmic projections: 67.84-84,97. Peter is using the 10% margin. I don't know why.
Interesting in the Dow we now have a compact H&S pattern made in the last couple days. This is the very same formation many stocks made at the 1929 top right before the collapse. A high right shoulder and the last gasp of the bulls. A dead cat bounce. All within a very bearish mania share buyback driven Broadening top. History does repeat,as the Fed pulled the same QE madness leading up to the 1929 stock market top and crash.
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The JNK has a confirming H&S forming also. Bad news for UST's and the banking system.
Should be epic to the downside. Exhausted
oh well. lots of downside projections. nothing but upside for many many stocks. maybe tomorrow
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