10 Sep 2020 ● 04:18 AM
US indices closed positive and the only thing to look at is whether the hourly chart is impulsive. Impulsive means 5 waves down. Because markets always move in 5 waves in the direction of the main trend, and if they do not then the main trend is the other way. Here the hourly chart is either an a-b-c decline with an ending pattern in wave c [blue lines], or a complex correction as a-b-c-x-a-b-c, you can mark the waves either way and both show corrective declines meaning that the larger trend might still be up and the correction is over.