Vigorously back inside the bear flag! I don't know how does FOMC statement will affect the next movement of the market besides bull looks very ambitious. I may need to renumbered the EWs and bias more on bulls for higher high.
Maintain my call for a mid-term correction with a possible duration 4-8 weeks and a probable target 1312.xx. This call subjected to nullification if bulls win 1422.38.
I am not satisfy with my Tuesday call "A bounce would be limited by [1372.30 -1374.30] and I consider it as a good chance to sell". It made only 4 points on the pullback from 1372.30 to 1368.30. It is the wave (4) as I marked on the chart. And as the price evolution and Elliott waves showed it should be considered as day trades only. A short at wave (3) and keeping overnight will face a risk by the wave (5).
Seems that bulls will try another push up? That if happens will form wave (5) of the bounce began from April 23 and it will face a hard resistance zone [1376.30 - 1380.00] - it's the intersection/confluence of resistance lines: The lower line of the bear flag, the descending line connecting heights of April 17 & 19, The lower line of Andrew's Pitchfork, and the Fibonacci 61.8% of the April 23' low and April 17' high.
Trading:
Depending on how markets open, wave (5) followers may play the upside with a note in mind that W5 is normally shorter than W3.
It may be a better chance to short if [1376.30 - 1380.00] is respected.
In case of a sharp drop at open, I will watch [1357.60 - 1361.00] for supports.
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