“If I'm not for myself, who will be for me?
If not this way, how? If not now, when?”
– Primo Levi, If Not Now, When?, 1982
The echo and pulse high on 19 June still in effect, and the significant drop in the T volume oscillator now brings the current T structure into doubt. It has also come to my attention that there has also been a correction in the breadth data for the 13 June which means that the full extensions of this T structure are not actually confirmed beyond the red sections.
And so the pop up to 2453 may just have been a Midsummer night's dream.
The market is still holding onto 'support' and still above the Buy Signal level, and so we can still consider this to be just a retracement of that move and that the market is back in a range demarcated by the recent highs and lows.
However, price is making a Warning and much further weakness could bring significant selling accompanied by a Sell signal in which case we would look for a new T structure to emerge from another significant low.
Be prepared for whatever comes next:
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