Doubles

You'd think it was a summer co-ed tennis match, but it's this market that is literally seeing doubles almost everywhere. Today, as seen in the ES/SPY (CFD) intraday wave-counting-screen, below, there were double bottoms to within an ES point. And then there were exact double tops later in the day near the upper intraday Bollinger Band.

ES/SPY (CFD) - 30 min - Double Bottoms & Double Tops

The double bottoms are marked by the two down (red) fractals, and the double tops after noon are marked by the two up (green) fractals. As far as I can tell, casually, the double-top/double-bottom scenario is happening with increasing regularity and throws a bit of a wrench into Elliott Wave counting as it's hard to know how those get resolved. Either some large players are doing it as a matter of "support & resistance" trading, or the new meme of retail traders can't get enough of the "levels" trade. Notice, too, how many roughly equal bottoms and tops were made in the overnight session, as well. Curious.

In the next court over from Center Court, the next pair of doubles is the fact that the intraday price so far as this is written has traded back to its 18-period intraday SMA, and, of course, the daily is also back to its 18-day SMA. So, the "battle for the line in the sand" seems to be on.

From an Elliott Wave perspective, the upward triangle and downward diagonal still form a logical pair as we explained with the Principle of Equivalence. We still need resolution.

Have an excellent start to the evening,

TraderJoe