Yep, so far this looks like a broken channel back test. It can ride it up for some time. But *at the most* I would expect it to challenge the high on Wed of 1105. Because as I was pointing out yesterday Fish in a Tree, How Can That Be?, those were some severe trendline breaks. And if it goes back up to 1105, just load up on shorts like I did on Wednesday.
My count has us in a B wave now, and they are full of weird moves with nasty retraces. So be careful that when you are counting an impulse that it is not a zigzag.
The 1 min chart is also showing some interesting down channeling that could be forming.
