We achieved a higher high that we suspected from yesterdays post. I exited my position a bit early as prices accelerated closer to the end of the day. A intra-day signal for a sell was triggered by end of day but since tomorrow is FED day, we should just let it play out. Our indicators have come in sync, but the short-term is overbought and although it can stay overbought we should see what the intra-day signal tells us tomorrow.
The August highs on the indexes have not been taken out, so in an EW perspective we still could call this a corrective move up since our last trend made somewhat of a 5 wave pattern. But do not rely on EW alone and use the indicators instead to tell the trend.
Note: Prices are hugging the upper BB line, and a move away from it takes us to a 1660 initial support (also 20 and 75ma range) and the lower BB line at 1620 range, which is widening.