"Impulse" is a surge that creates "Ripples", like a pebble into water. "Impulse Redux" is returning of wave to the original source of energy. "Impulse Core" is the zone of maximum energy, in the Golden Pocket.
Are the sellers still there? Enough to absorb the buying power? Reaction at Impulse is worth observing closely to gauge energy. Rejection is expected on at least first approach if not several.
ETF news spike into the Core and IMMEDIATE REJECTION
Zoom In (m5) The spike went just into the Core and then rejected. Then, we see Pings on the bottom of Impulse again. Hugging the Impulse like this is a bullish sign overall.
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SUMMARY: - Even major news can not bypass an Impulse Core - Bull persistence is obvious, so likely to break soon.
Thus my enthusiasm for Pings (ifollow up to last snapshot above) "Not all Pings start a Reversal, but Most reversals Start with a Ping" ie: IF looking for a turn, then a PING is the signal to keep an ear on.
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Zoom in (m1) Speaking of Pings, we have one from each side on this 1.618 And this is how fibs get more and more PRECISE with time. All humans/algos/indi's have recorded these reactions.
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Thus in our bigger picture: We will look for a reaction at the 1.236 fib, and we can still count on the Impulse Core.
We can be so exact because our Core was confirmed with 5.236x precision
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Imagine a ruler where you specify the length of its first 1 inch, but unsure of its fitment until Pings at 1.618, 2.618, then 5.236, each of which confirm our impulse to higher and higher magnification.
PING and a PONG We dropped to the 1.236 and got a "rough" Ping. Not a clean, precise hit like that one at the top, but a slow, wobbly bounce on a fib is still of note.
Thus my enthusiasm for PINGs and my rule "Not all Pings start a Reversal, but Most reversals Start with a Ping". So I ALWAYS take some action when I hear one, and this one going on 15% so far.