Yesterday it was offered that if a third wave down was to start it would likely happen in the overnight or before noon. It did. Then, there were three waves up, which included an overlap.
|SPY - 15 Minutes - Lower Low and Overlap|
Because there are several patterns that can resolve themselves, including the possibility of an internal triangle (shown in blue), I am neutral until after the FED results. There tends to be a bit of volatility on FED days, and it would be best to see which pattern that volatility best fits with.
There is no reason lower lows couldn't be made, and if I look back to the low on 25 Jul there is also no reason that an even larger triangle could be a play, and that could even result in new highs. I have no particular vested interest in which occurs. So, caution, patience and flexibility are the continual by-words at the moment.
Have a good start to your evening,