$SPY, Micro Structure

I pointed out a similar structure like this in the chat yesterday, open to the possibility that it was an ending diagonal. It of course turned out to be a 4th- (or B-) wave triangle that failed. We have another such wedge now, and it’s difficult for me to see how this could also be a 4th wave triangle that will fail.

Thus, it seems far more likely to me that this one is an ending diagonal, implying that we are at the end of a move. I am expecting a sharp intraday reversal.


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