Gold is starting to show first signs of upside impulse on the intraday charts. Gold - low daily ADX Look at the move that started at left hand side of the chart the last time the ADX was low. The Range index is very low and the daily ADX has also dropped down, signaling a significant amount of consolidation.
Market is in breakout mode - poised for a potential larger move.
You can see that the market has consolidated yesterday's large move up and now is poised for a breakout in either direction - most likely due tomorrow. Despite the intiial selling off the early morning markup, this chart pattern is very neutral. If you look back over past 10 years, the VIX was obviously trading at much lower levels. 15 minute Wolf Wave BUY setup SP held test of previous low. There now is a potential Wolfe Wave BUY setting up.