Zig-Zags Are Not Noise

The transition from a clean downside trajectory to a zig-zagging structure marks a regime shift. The earlier move—authored since ~2:00 a.m.—was uninterrupted and directional. The subsequent oscillations are evidence of active engagement, not noise.

In the absence of intervention, this market would have continued resolving lower in a monotonic fashion. The emergence of zig-zags reflects intentional absorption and pacing, consistent with the process of establishing a structural base and anchoring a low.