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Emini Grinds Toward Major Swing Target

Published 12/07/2016, 03:19 PM
Updated 07/09/2023, 06:31 AM

Similar to the post-Brexit upleg, which exhibited very little selling pressure at various price peaks along the way from 1981.50 to 2190, the post-election advance from 2028.50 to 2213.75 also exhibits very little selling pressure, even as the two rallies near equidistance at 210 points.

The Emini S&P 500 must climb to 2238 to reach equidistance with the Brexit rally, which is just 1.4% from current levels.

Barring a decline that breaks 2179 -- the Italian-vote-pullback low -- Emini is poised for upside continuation to 2135/40 to satisfy the equidistance Swing Target, which if hurdled and sustained, will point Emini toward a challenge of the upper boundary line of its potentially still relevant July-present Megaphone Formation.

4-Hour Emini S&P 500

Latest comments

You are amongst a few analysts who sound believable. Otherwise, all bearish/cautious analysts have failed (not that they are bad or bad people), but only bulls will survive in this market. So it seems
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