What does "if not" mean in the given context below? (I'm referreing to 'if not' construct highlighted in bold at the end of the last sentence.) I guess one who says that might mean it's still possible that the downtrend would resume later this week. However, chance is slim and it has a higher possibility that the above-said will rather happen next week. Do I understand its meaning in the given context correctly? Any clear explanation of the meaning would be very much appreciated.
"As you can see the S&P500 broke through its 200 day moving average in early November.It is never surprising to see a retest of such important support prior to resuming its downtrend. This is what we anticipate, a move up of a couple percentage points which burns off overbought indicators on markets. We do think think this is a 'dead cat bounce, with the downtrend expected to resume next week if not later this week."
Top answer
The author expects that one of these things will happen: 1) the downtrend will resume next week 2) the downtrend will resume later this week In this case, "if not" may give the impression that (2) is a more extreme case than (1). However, the nuance of "if not" can be rather ambiguous.
— GPY
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