The price action near these lows on $ES looks corrective, and so I am inclined to count this all as a flat for minute (blue) 2. I would expect it to turn lower from somewhere in this unhelpfully wide target box (the top and bottom perimeters, and the two lines within the box are all relevant fibs to watch). If it’s going to do that, it should do it sometime tonight.
Perhaps in support of this is oil, which, after losing its 13-year trend line breakout on Friday, has only managed to come back to retest it from beneath.
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