Mid-day Update… The two meanings of “done.”

Noon hour bounce trying to position for afternoon surge.

This morning’s 1980.25 low fulfilled the pattern’s structural requirement for a fresh low triggered under 1989.00. That was short of its potential, but exiting the bias environment above a prior high could still trap shorts.

The bias environment wasn’t entered above a prior high. Not when it began lapsing and not by noon.

The noon hour has rallied. It fulfilled a 1997.00 target that was triggered above 1990.25. But the 1996.00 bias-up signal ultimately avoided triggering.Now a dip to 1992.00 is trying to regain its footing.

Fresh highs above 1998.00 would suggest the decline is done for now. But triggering any buy signal during a no-bias environment is suspicious and unreliable. Hovering up here for a half-hour and THEN surging would be more credible for extending higher.

Alternatively, back under 1990.25 would start to signal the recovery is done. Structurally, it could be satisfied by only a fresh low. But defending against fresh lows is difficulty while exiting the bias environment, which would be the likely timing.