The thought expressed this morning is still possible, though a trend line adjustment is needed.
So, that falling broadening pattern may still be this:
However, if we rally slightly higher, we may just end up making an outright triangle, like this:
And you can see what happened coming out of the one from April and May to our left.
There are still many ways we can count the structure as a whole, and the crux of the matter for me at the moment is the “look” of the rally over the holiday from the 6/17 low. I don’t particularly like it as an impulse wave, though it’s possible to make it one if we need to.
I remain open to a wide variety of outcomes here.
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