I believe we are in an impulsive pattern moving upwards. Stay tuned for updates on this idea while we're on the road, and patterns might be forming inside this broad pattern.
Feel free to leave comments and discuss:)
Visit sharpinvesting.net where you can subscribe to my trading and financial blog.
Some correction happening, but there is lot of support below, and price gets back on track within the structure. Fib 0,618 seems likely to hold on 1H chart, so expecting a breakout upwards from the current triangle - if oil prices hold (as it should do now). You can notice as well the strength in S&P500 now, despite oil price downward corrections, and speculations around hawkish FOMC statements lately. SPX does not respond downwards, only minor corrections.