December 21, 2022
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Below is the S-T chart for Friday’s trade.
On Monday I pointed out that after a near-term bottom this week the background across all the markets provided a scenario of a minor bounce into the end of the week. The bar chart structure from the 12/12/22 high pivot is a five-wave affair, which confirms a new downtrend.
The inset reflects the results of a test from 1898 to 1987. It shows the pattern when this event occurs 80% of the time. I use the pattern and it works and is reliable. There is more to the pending COT, which I will cover pre-open Friday.
The tidal cycle also peaks at the same time, leaving the odds titled in favor of the bears.
Great and Many Thanks
Jack F. Cahn, CMT
Contrary Thinker 1775 E Palm Canyon Drive, Suite 110- box 176 Palm Springs, CA 92264 USA. 800-618-3820 or 25/1 Poinsettia Court Mooloolaba, QLD Australia 4557 614-2811-9889
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