The market had a healthy bounce off of the weekly S2.

The continuation divergence is now set (C).

A 5th wave sould match / slightly beat the high. A measurement of using the legth of the W1 gives 1.1290+ for a target.

The overlap of Wave 1 and Wave 4 is the norm.

The big picture is that the Y wave would conclude after this Wave 5 up that can be improved upon by the following volaility whip.

So that would be up mostly for the first 2 weeks of August. The daily 20-sample Bollinger would likely be hit at some point.

The one reactive area is the daily fair value gap’s top marked with the red X.

Happy trading!