Still Unclear Here, Big Bounce Is Possible

Still looking for something to bring me clarity on the weird structures.

Some notes:

  1. $SPY has only managed to virtually close its gap.
  2. $QQQ has closed its.
  3. Indices are all diverging at the present lows (this is why we really need to see big waterfalls so RSI will confirm the move and—at least so far—we lack that here).
  4. Breadth rose wildly on the decline, going from 35 advancers to 100 decliners to 112 advancers to 100 decliners. That can change if we dump hard , but without that, it’s a pretty bullish signal.
  5. And frankly, I’m not sure what to do with $AAPL‘s structure but at least for the moment, the decline looks merely corrective as I see what I believe to be a big triangle in the middle of it and a good fib relationship to boot:


All in all, I wouldn’t be surprised to see the indexes give us at least a big bounce soon.

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