We got the deeper (overnight) retracement that I believe was minute (blue) 2 that I discussed yesterday and we seem to have a clear impulse wave up since then (minuette [orange] 1). We may now be in minuette (orange) 2 and I would expect some kind of 3-wave move that would typically retrace to the orange box. If we go on to make new highs before that, then we’re in a nest and we would expect higher prices sooner, rather than later (I offer this possibility because I know there have got to be a ton of stops above the post FOMC high and if we get there, I would expect a big squirt).
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