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Good afternoon, traders.
The S&P 500 has slipped through its parallel rails, and has made no real effort to react to its 50-day SMA:
This is a very sloppy decline and all throughout the structure I can see many small triangles and other formations. Last night, I set out to try to simplify the whole structure, to see if I could capture a significant amount of the especially choppy parts into a structure we could understand better, and here’s what I came up with thanks to a few pints of espresso:
So, that’s the plan. We’ll see what happens. I think a bounce remains possible here. And I can justify that technically. I hope everyone has a fine evening.