Nothing earth shattering from a trading perspective as indicators are mixed which supports the idea we are stuck in a correction of which we are currently in the middle. Look for extreme edges of the range to consider meaningful trades.
Here is a summary of the main variables/indicators we watch:
Elliott Wave Count - we appear to be in blue circle v of c - this means we are approaching ending waves at smaller degrees and prices may correct lower once these ending waves terminate
Wave Relationships - we look for harmony in the wave measurements and two of them show up in 1.1230-1.1330. Next level of wave relationships are in the low 1.14’s (short term ; medium term )
SSI - current reading is -2.1 and this has dropped from -1.4 over the past week. Long positions are down 8.7% from last week and short positions have grown +29.8% over last week. Traders are clearly shifting to the short side. SSI is a contrarian indicator. ( )
OBV - is beginning to diverge compared to the latest peak from July 27. This indicates a lack of conviction and probable continuation of range trading. ( from higher levels)
However, since that point, it has gotten messy for sure. I could print some options but it may end up being more confusing than helpful. If we scroll out, I'm leaning that we are in a bigger degree 'b' wave that began on either May 17 or May 27. It may have ended on July 20 but that would mean a grind higher in complex fashion.
b waves are a mess. So pick trades carefully in the meantime until the form clears up.
What are you leaning towards?