Why do we track trading boxes so closely?  Each trading range leads to one of two things – a continuation or a reversal of the current trend.  This is very easy to see from the action going back to the March’23 low point.  Over that time, we’ve seen two uptrends and one downtrend (August-October).

The apprehension was that the trading box breakdown from two and a half weeks ago would lead to additional downside action like we saw in early August’23. 

Getting through this week without a second downside break would be constructive.  Seeing a box breakout would be even better…