Yesterday, we pointed out three options for local price movement. The NQ futures made a new daily low today. The ES futures did not. I don't know if you had the money to stop the ES futures from declining through the lows today, but somebody did. Twice! The exceptional number of double-bottoms is getting very suspicious. The ES/SPY (CFD) 1-hr chart is below.
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| SPX500 (CFD) - 1 Hr - Double-Bottom? |
With the higher local high around noon there is now the possibility, not the certainty, of sub-waves ① and ② of a third wave, iii, upward, as these waves are currently shorter in price & time than the larger degree waves i and ii, the prior higher degree waves in the same directions.
There is nothing definitive that rules out further down movement at this point, and it is still possible that the (e) wave could be a triangle itself.
Have an excellent start to the evening,
TraderJoe
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