W1 and W4 have kissed. This looks like an expanding wedge (working up volatility).

The white brackets are 2.8 fluctuation maximum away from the E-9. The 3 lines are 25, 50, and 75%.

The deepest pullback would not make it to the band but would have a very hard time closing below the 3rd line.

The closest example to what is happening is this:

Let’s mirror it.

In the orange oval, there was a reflex bounce of 85 pips – this is consistent with the current Gray divergence calling for an 88+ pips correction. Then price came back once more and faked out the prior swing.

The distance from the W3 peak to the W5 was 120 pips.