Market Indexes: Major U.S. Equity Indexes closed lower
SPX Candle: Lower High, Lower Low, Lower Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Although the cash market made a lower low day, there is still nothing to rule out the potential triangle count. Below is a chart of the daily ES E-Mini S&P500 Index futures.
|ES E-Mini S&P500 Index Futures - Daily|
Although was a lower low day in cash, it is not lower than than the current (c) wave low - let alone the (a) wave low. This may eventually help to solidify the lower trend line of a potential triangle, but risk of invalidation (a.k.a. the Bottom Torture we wrote about on the weekend) remains somewhat elevated until a higher recent swing high over two days ago has been made.
Watch it closely and have a very good start to your evening.