Intent of pattern is to keep all participants inside the price structure.
giving neither side immediate gratification, but simply extending the pattern roll.
Too often overlooked, this pattern will highlight a feeling of uncertainty,
as neither side will feel comfortable, feeling they are about to be hoodwinked
by the other, it will likely keep traders on edge for duration.
Ultimate resolution should be a sharp break to the downside,
in time..however it may appear at the time of the breakout
that price is going in the exact" opposite" direction,in this case moving back up...
thus catching the final downside resolution, suggests a very high degree of embedded difficulty.
SPX Last 2670.71
Then huge amounts of money went in to shore up bonds. at closing.
It's all a controlled game at the moment.
The US is now clearly trying to emulate the Zimbabwean economy...
At least the US is more multiracial and inclusive, though, having an orange president....
Almost all stock, bond, currency and liquidity movements today were clearly caused by Government intervention, probably the Treasury and international friends who now unwillingly cooperate...
Trump supporters will like that, but it's not a real economy or free market.
The US markets are now far more controlled and manipulated than those in China, Russia, Europe or anywhere
else. The Kudlow interview was the final manipulation - mot even a banana republic could make that up!