With this severe volatility compression episode you better believe that this was a Wave 3.

If I called the counter directional volatility limited at S0 (41 pips) an S0 inferno, now we have seen how an S-1 inferno looks like with the limit being 21 pips out. I put a back line to mark this.

The extra-compressed inferno’s SOB level is listed as E. The first encounter is a buy as usual for the final play, that targets the Goldilocks level (70-86 pips from the dip low). On the way down, after the SOB (here E) gets broken, there will be no support until the two volatility lines converge.

Remember that I adjusted the Gray band to 3.8x stretch to find the final divergence? It just hit.

With numbers:

Yes, calling the Intermediate Swing High as of Today.