The fake-out yesterday took the bulls out early morning, then took out the bears this morning as markets rose early morning. "Taper" fear did nothing to scare markets. The analysis yesterday told us that a short term bottom was in but cautioned that our trend was still down trending. Todays move topped out at the end of the day right near the angle that has been significant resistance level.
Although we have significantly seen a impulsive manner, we should remember that we are still in a down phase short-term. Volatility will always skew our Main-trend as shown yesterday where it had turned down but was not confirmed. By the end of the day today our Main-Trend had returned back to "UP".
Our EW pattern tells us that we have an impulsive move and that we have a 5 wave structure. So we should look for a confirmation of our Short-Term trend to turn "UP" next week.
Possible 5min EW count: