The bears continue to work the market lower with a gap down below the h/s neckline (target ~1650s). The black option represents a wave structure that may extend lower towards the h/s target.
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| 10 Min |
The daily chart shows a rising wedge with the market close below the 20 day SMA, albeit with a potential bullish hammer candlestick. Triple negative divergence in play as well.
I'd say go with the bear count for now until the bulls can break out above the blue TL (10 min above).
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| Daily |
Or do you believe in buying the dip? The red option on the 10 min above and weekly chart below may provide a case for this.
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| Weekly |
