This is the point I was talking about yesterday, the fact that we couldn't break and hold over the 1M Bear Pennant tip today is a pretty clear bearish rejection.
We also dipped out of that new Bear Pennant fractal real quick, no hanging around to test the structure a bit more.
This makes it now look like another 3rd lower low H&S setup for further likely downside.
Not to mention an exact rejection off our red-dotted top of Down Megaphone extension.
As I noted previously, a rejection under 3900 and especially within the DM structure would be particularly bearish and that is the case playing out now.
I've wagered a couple off the cuff Right Shoulder predictions here just for fun.
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It recovered the Bear Pennant overnight, lets see if it can hold...
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Oh snap, this might be the LL H&S taking shape...
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It's testing the last right shoulder now for a potential break or rejection...