An "Impulse" in any market creates "Ripples" like a Pebble into Water.
Sometimes a Wave returns to the Impulse, should be observed carefully.
This Impulse was the drop from 7400 over six months ago.
Its Ripples marked almost every turn in price since that time.
The Wave has since walked back up the same staircase near top.
1.618-1.236 Band will be first line of defense for the Bears of the Impulse.
0.618-0.382 Band will be the "Core" of the Impulse with maximum power.
1.0 and 0.0 Boundaries of the Impulse are also worth watching closely.
Rejection from Outer Defense is expected but may return.
Penetration of Impulse Boundary should be scary for Bears.
Penetration of Impulse Core means ultra-confident Bulls.
every Wave is born from Impulse, like a Pebble into Water.
every Pebble bears its own Ripples, gilded of Ratio Golden.
every Ripple behaves as its forerunner, setting the Pulse.
each line Gains its Gravity .
each line Tried and Tested.
each line Poised to Reflect.
Confluence of 2 is Dependable.
Congruence of 3 is Respectable.
Coincidence of 4 is Worshipable.
every Asset Class behaves this way.
every Time Frame displays its ripples.
every Brain Chord rings these rhythms.
He who Understands will be Humble.
He who Grasps will observe the Order.
He who Ignores will behold only Chaos.
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I HOPE it retraces, so that we can build a healthy uptrend.
It is already near parabolic, but still within confines of an Elliott Wave 3 type.
My other Idea below shows my guess at EW pathway.
But I am hoping we get a clean wave 4 retrace right about now.
The the other plan: