The initial bounce out of yesterday’s low could have been counted impulsively (here), but in order for that to work, we obviously need to keep going up, and we’ve only gone sideways since. This leads me to believe that we may need to head lower. A good target is the bottom of the orange box below us. If we get there and have a nice rally that keeps going, then there’s a better chance for this idea to work out.
I will post a a stranger alternative below.
If we remain above yesterday morning’s low, and actually start moving up, I suppose we could count this like below, though, it’s a little odd to see such a large correction (orange 2) after such a small impulse (the orange 1). So, we’re stuck in another range again, yay.
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