This is where we get to find out if we’re all doomed.
But, from the March low, there is a good impulsive rally (orange 1), followed by a retracement that pulled back to a good place for a 2 in May. From there, another non-overlapping rally (green 1), and another pullback, also to a good place for another 2.
We have an inverse whose neckline is also the down trend line. So far we have a breakout and are now backtesting that. So, if the markets are in good shape, this is about where I would expect to see it. A failure here would be pretty grim; a strong rally here would go a long way towards validating the bullish view.
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