It is ugly but NG could be waiting for the fed to seal its fate one way or the other, we either drop out of the bear flag and approach new lows or we finish the last part of the consolidation of an A-B-C move, maybe the inverse HnS is part of a 5 wave thrust up. I doubt it because it just doesn’t seem like its time yet. building out that right shoulder today it looks like, see if it drops further and spoils it.

http://invst.ly/-hoq