Fair is foul, and foul is fair:
Hover through the fog and filthy air.
– William Shakespeare, Macbeth, c.1605
An attempt at a recovery at the important 55 ema, but showing some lack of conviction into the weekend.
IF the market stabilises and holds Thursday's low then we have the possibility of a small T projecting into 24 and 31 August.
IF not, the 55 ema is a key inflection point, and so a visit to the lower reaches of the gray channel and even the lower extreme channel become more likely, and this will in turn ultimately produce a larger T structure for the next recovery.
Be prepared for whatever comes next:
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