Done for the count?

Lower objectives tested and held, news coming.

The 2030.50 bias-up signal wasn”t rejected in time to trigger no-bias. Already having tested the bias-up target, too, no-bias would have put into play offsetting tests of both bias -down parameters.

They were met anyway. The 2017.00 bias-down target was tested and retested at the low. That was premature — the drop had lost momentum by violating the 3-minute high of its latest bounce limit test. The 2017.00 target was likely to hold, fulfilling it before strong-handed sponsorship had formed a distribution pattern.

Holding that low was even likelier since the 1-minute RSI avoided oversold territory (3-minute RSI made a higher oversold). Indeed, its retest has reacted up already 10 points to 2026.00.

Entering the noon hour above this morning”s 2022.75 bias-down signal helps to suggest at least this downleg is done. That wouldn”t default to buyers, and any upside potential before the 2:00 ET FOMC statement would likely only drift. 

So, we”re not yet assured of a recovery — let alone of avoiding another downleg, which at this stage would be substantial.