Short

Is this all just a range based butterfly?

The rally over the last days has been impressive but the structure of the two parabolic legs and choppiness in the middle is consistent with a bearish harmonic.

This gives us a real decision point here. Harmonics can be highly accurate in forecasting major moves.

If this is a successful harmonic, the implied forecast of it would be a move down to 4660. In a strong smooth style. On a move of this scale, that would usually mean bad news to drive it.

Failure of the harmonic as a reversal pattern strong tilts bias towards 5650.

But if this is just a bull trap - this must just be the top of it.

Note

Should be too much longer before we get signs if this is going to work or not.

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