SPX regained the prior range in the morning and retested the lower expanding triangle line in the afternoon. That line is so far holding (Chart 1 and 2). The inside day also raised the possibility of a small-degree bearish triangle (Chart 1, red).
[1040am] SPX update -
SPX experienced a false breakdown against the neckline, or a failed HS. With SPX regaining the range, the proposed bullish expanded triangle is gaining traction. The bearish count from the nominal high puts the current rebound as wave (c) of an expanded flat (ii)-up as illustrated on the chart.
[810am] ES update -
