Pre-market:
Overnight markets have not held onto yesterday's gains and are possibly looking to test the previous 2 days' lows in early trade.
This could be a critical test because we are starting to see a challenge of the important rising line from the 13 April low at the same time as the expiry of the major arm of the red amalgamation T structure, as well as the possibility of failure at a double top.
Failure here would lead me to assume that the the red amalgamation T structure – a double bottom structure – is more dominant than the later T structure from the most recent low, and this could present significant difficulties moving forward, especially at the point where strength is required to break out above 2400.
If that becomes the case it may also be necessary to re-draw the later T structure as it could be projecting echo lows rather than highs.
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Recovery today if it occurs will change that outlook