We're settled on top of the 11,150 major S/R. Market has been sitting on its hands for days waiting for this date to arrive, bouncing around inside triangles, just killing time. See my other "fractal road" chart for a different view of the same scenario. Neither bulls nor bears have been willing to make a move before the expiry date, so price action has been boring as hell...
Yes, I used a 5-wave path to show the impulse. I find it useful to map out possible pullbacks. No, I am not an guy. Don't expect me to debate the subjective nuances of wave counts :P
The cloud has provided resistance since the recent rebound high of 13K , and we hugged the underside perfectly. I've posted this same path curving underneath the cloud as an update on my other recent charts. Now we should come up from below and penetrate for a clear-sky rocket trajectory to 14,600-15,000 max. And look at the retrace fib waiting for us up there at the intersection: the juicy 0.705 "OTE" zone, where happy orders go to get filled ;)
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That's how you pour fuel on a panic move you want to happen (and already have a decent TA reason for, like filling out the triangle a little longer waiting for futures)
In any case, we just dropped right to the bottom of the pattern, how convenient :P Triangle is still intact, weak hands were thoroughly shook, and smart traders were given a second cheap entry at 10,400 ;)
So the sunny forecast has been delayed a few days, and the high temperature is down a little to 14K, but the good news is there's a longer-term chance of resolving this long triangle and breaking up into the 17+ zone! No heavy clouds up there, you'll want some sunscreen :)
Also - we have a nice little narrow spot in the cloud to pass through now...