Flag of a Flag

 Here's the area of focus, the top area from the October rally, which formed a failed bear flag, which formed another small flag below it.

 This is a closer view of the region.

 Here's the 5 min 3C chart, negative at the top of the rally, negative at the top of the first flag and leading negative at the second smaller flag.

 Here's the 2 min chart of the negative divergences at the larger and smaller flag.

And today's 1 min chart of the smaller flag.