Going with the agonizing option from this post, the structure—so far—looks textbook. What we typically like to see is just about what we did see. The little “underthrow” (orange arrow) often concludes ending diagonals. And we got that. And it’s imperative that we see an impulse wave off the low, and it looks to me like we got that, too (green arrow).
The underthrow is the “spring” of what should be an accumulation, which is ridiculous because I view the macro structure we’re in as a much larger accumulation, with us being in the “spring” of that. So that could have been the tippy tippy bottom of the bottom.
If we’re to keep going we should be in red 3 (which should carry us to 380 at a minimum), which may involve us gapping up. If we do, we can rally in the morning and consolidate toward the FOMC (for red 4) then ramp a bit into the release. We could get a puke afterwards (for the orange 2 up there), but today’s low should hold. That’s the most ideal of ideal setups because it would give us all the ingredients needed for a much bigger third wave (orange degree) sending us to the daily gaps through the rest of the week (noted here—in that article, I said “rally into FOMC,” but that seems premature now as all we did today was consolidate, so I feel a day behind on that guesswork).
Best of luck to everyone and let’s hope we don’t crash.
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