Midday Update: 2023-09-21

Gap down as expected

The S&P 500 is on plan today gapping down from the close yesterday. I’m assuming that the early afternoon bounce is probably just a small fourth wave in the development of wave (III) down which targets 4340 at the earliest. Overall, I want to see the bottom of the channel on the following chart tested before worrying too much about substantive bounces.

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