Zooming way in to this view, there’s a lot I like here:
- I like the divergences on the lower timeframes
- I like that the only gap is very low, making that wave the only likely impulse wave in this whole hawkish Fed/negative GDP print rally
- That will make this whole move corrective in nature
- And the fibs for internal legs seem to confirm this, too (e.g., blue a = blue c on the nose)
- We are at a huge raft of fib relationships all within a few points of where we’re consolidating now
Given all of these, among the options discussed this morning, it’s possible that we don’t even do any of them and this is it instead.