Two options are shown on this SPY hourly chart. The blue option is for a contracting triangle followed by a new higher high. The second option is that the triangle breaks down and a green c wave forms for green wave (ii) of a diagonal.
One concern is that not all of red wave 3 is above a line from 0 - 2, so those waves from 04 Nov through 11 Nov might only be green a,b,c of green (i) of a larger diagonal wave. Another concern is that red wave a 'can be' counted as a five-wave expanding diagonal in cash. A third concern is that usually, not always, the first down leg of a contracting triangle is the most violent. This one is very slow and halting.
Have an excellent start to the evening,
TraderJoe
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