updated idea on the pattern development overnight. I will update with more text during the day......
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If correct, Jobless claims at 830 should push it down, Powell speaking at 10am should reverse it.
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looking for a test neat 3700 today
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bull trap IMHO
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Powell live www.youtube.com/watch?v=dOE0r10F...
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more traps unless it can cross 3800
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more traps unless it can cross 3800
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Stops above previous high taken out, should reverse here.
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ok there we go
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Longs now trapped in the boxed area, as stops get hit and traders sell their positions, 3700 should come quickly on SPX
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looks like they are creating a triangle instead, which should be done by open tomorrow. So a gap up tomorrow morning with C already starting.
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SPY
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if the triangle doesn't work, the ABC for B would, Either way. I'm going to wait for tomorrow to see where the market is at open. If it gaps down, It's likely a bear trap with C next. If we gap up, C is likely in progress.
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I think the end was a bull trap and we'll gap down tomorrow. Any gap down should be bought at some point to start the C wave up.
