ES is locked in a multi-bar contraction — NR7, NR4, 2BNR, 3BNR and a tied 4BNR — the tightest cluster of Crabel patterns in weeks, with price grinding inside a 29-point cage while the calendar keeps ticking.
Volatility has been compressed, not eliminated. Mid-October and the market is still waiting for the October surprise to pick a side and force the expansion the patterns have been setting up.
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