Price action can be interpreted as a retest of the first low in June (Chart 1, blue A), in an attempt to confirm or reject the recent recovery into the June consolidation zone.
The potential triangle in the 1pm update failed, but not spectacularly. Is the market waiting for a larger triangle to complete during the pre-holiday session tomorrow (Chart 2, red), or a flat (Chart 2 green)?
The most bearish count is obviously a completed double zigzag rebound from 1560 to 1626.
[1pm] SPX/ES update -
Note the potential triangle, as is? fail? morphing into 1s2s?
