Today should have been an up day. There was absolutely no follow through based on yesterday's move. That is concerning. We have been gapping up and down in the same range for the last two weeks. But each time my cycle indicator starts to bottom or top we get a reversal without follow though.
So here is another idea that I am watching and based on today's lack of follow through I am seriously considering. This is what ZimZeb and I were talking about yesterday. Something like a triangle for the next couple of weeks.
This wave is not done. It has not taken up enough time. But I am starting to think it may just correct sideways in time. Just keep your eye out of this. If early next week we have another breakdown and a sharp reversal at support, then this becomes much more likely.