Daily and weekly market structure projections have provided a decent insight into the markets over the last few weeks. In the chart below, we have shifted market structure projection earlier by a few days. This is tracked well. However, we may be in a larger countertrend pattern such as a rising wedge which would coordinate well with the concept of termination of the pattern towards the end of October or early November. Within this structure is an abundance of skew towards day to day downward price movement. As can be seen in the highlighted box and also the abundance of down projections on the daily MSP. The interesting thing about the daily MSP is additionally that it shows the potential for large spikes upwards within this skew of downwards movement. We have suggested consistently over the last weeks that upward movement may be quick and outsized due to events or Federal Reserve central bank announcements interspersed within a general downward bias. The result of such action can still mean that the market make some forward progress but may be very frustrating to bullish traders.
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