Wow, crazy morning.
The last two days slowed down my 60-min cycle chart, but my main indicator still stayed firmly positive. But a 2.5% gap down and the subsequent move to 115.59 was enough to turn it over. It sucks, but it's life in a volatile market. It eeked out a small positive gain, but that is very unsatisfying for all of the volatility endured.
Technically my 60-min system is now calling for a short position, but I am going to wait for the oscillation from this gap down step function to dampen out first. And if it runs away down, so be it. This is a very messy day and I am going to wait for a nicer setup to evolve that is confirmed by cycle chart.
Speaking of crazy setups:
You know that I still don't buy the move down as an impulse. I know that I am in the tiny minority on this call, and that's fine. Based on the strength of today's move down, I don't think this is just a pullback, I think we are on another Minute wave down.
I haven't been showing my count because I thought a significant cycle was playing itself out, and instead it turns out that it was the first sub-cycle violation / fakeout top of that nature that I have a history for (see: August 16). So now it is time for a count.
It may look like an impulse, but I really don't think it is.