An Intraday Update to the Triangle Thought From Earlier

I continue to like the general look of this count, and I will add a few things here.

I do believe we have been in some kind of triangle. If it’s a 4th wave, one variation of it may look like this:

SPY

Or, since it’s kind of “big” given the size of the “2” it matches, the greater structure may simple also be this (as a “B” instead of a “4”):

SPY


Now I have lost some confidence that the low is in, and I do somewhat expect to take out the 6/17 low at some point (unless this structure improves dramatically). But, it would also make some sense for us to squeeze higher in the short-term before the next leg lower.


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