The patterns forming lately has been corrective and EW works well to tell us that whatever is happening is a consolidating pattern that will continue lower in the days or weeks to come. 3 waves followed by 3 waves that overlap. This is a good setup for the bears, and how far it will go will depend on the indicators.
The EW pattern suggest the end of day impulse up would be a wave C of some sort. Whether that is done can be seen in tomorrows price action. I would like to label this ending pattern as a 2, but it is not important right now. The important thing is to set up for a short position.
I am expecting an acceleration of some sort, and tomorrow is a time fib of 34 based on the May 22 high. So lets see if markets will react and acceleration is what we see.
Note: Our intra-day signal is in an upward trend and could indicate that the impulse from todays end of day run up is not done.