Neckline dynamics (Chart 1) and Squiggles for consideration for your weekend positioning (Chart 2).
[1110am] SPX update -
SPX just retested the potential neckline (Chart 1). So far holding and let's see if it holds. Chart 2 tracks the squiggles from the low. Unless the rebound ended at this morning's high (Chart 1 red), with the middle gap still unfilled, the blue wedge (X or failed 5th wave) is an interesting scenario to entertain.
[740am] NQ/ES update -
NQ is within points of a new high (Chart 1). ES breaks above the trend line associated with a prior base channel - let's see if it holds (Chart 2). If so, SPX cash is likely to fill the middle downward gap around 1965. At the same time, the rebound has left open 2 (3 including the one today) unfilled upward gaps on anintra-day basis.
