When the evening session started last night, the market began to puke and invalidate any bullish counts.I was looking for just one more high, but we didn’t get it. Instead, the markets just puked.
The expanding leading diagonal I pointed out a few days ago – while I thought was invalidated – turns out it may still have been valid.
Once the market broke below the 2378 lows of the expanding leading diagonal, then the market would move down hard.
So it turns out the leading diagonal was still valid even with the slightly higher high at 2404 ES.
The gap fill at 2355 ES from April – got filled today near the close.
If this is a C-wave, then we could potentially go below 2320 ES – below the lows before the prior Good Friday.
Silver went towards 17.00 resistance mentioned yesterday and turned back down.
However, the spiked down was quickly bought. If silver is able to consolidate into tomorrow, it could continue grinding higher.
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