One More Quick Note

Things still look grim, we haven’t seen any kind of meaningful reversal, there are clearly powerful sellers in the market.

But I will note one feature. If we don’t splash into the close, we may have a structure forming. Much like up at the high, where I had speculated that we may have formed an ending diagonal triangle, which can throw a lot of people off (who expect it to be a 4th wave triangle), like this up there:

SPX

At the time, I thought that structure might lead to a strong decline (and it did). I can’t make any promises here today. We don’t have great long-term fib relationships to work with (that I can see so far), but we’re sort of forming a similar structure down here at the lows:

SPX

It, too, may be an ending diagonal triangle as well. And just as the last one led to big drop, it’s possible that this one leads to a big pop. No guarantees of course, but it would pretty funny if the same structure tricks people on both ends. But, I don’t have as much confidence about this one down here as I had about the other one up there, so I’m just pointing this out and not insisting on anything.


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