Analog Still Going?

Yesterday’s downside targets remain in place.

When SPX spiked higher last week, the steep white channel it followed seemed a bit overdone — to the point where it led to a false red channel breakout on Monday.  We were left to wonder whether the Butterfly Pattern set up by the Jul 27 dip would be one more casualty of the PPT.  If so, the analog we’ve been watching for the past 5 months was in serious jeopardy.  Now, it appears those fear may have been misplaced.

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