Browse Stacks: Analytics: Elliott Wave: 2 aug28.png
To me, going below the red zone again seems far from impossible at this point
If it happens that would make me think about a long term bottoming pattern in some kind of very slow double bottom (few $ higher or lower than the previous bottom)
A structure similar to the january february bottom but at a much larger scale (fractal markets)
They always take the path of least resistance!
Sometimes for fundamental reasons sometimes for technical reasons but there's always logic even if it can be hard to understand it