Last Wednesday’s amazingly steep rally was as impulsive as it gets, hence the nasty consolidation to disillusion all those who may have believed it would be easy get long and set the controls on “cruise”. From a mechanical point of view, it would take a thrust touching 128^31.5 to indicate that a second leg with potential to as high as 135^19.5 is under way. The pattern looks too pat, however, to use that as an entry price unless it can be done by working a smaller pattern in “camouflage” fashion.
