The formation is formless here and the trendline is more or less invented, so buying at this point requires some boldness. It would be more conservative to wait for the old high to be taken out. But there is some resemblance to the a-b-g-z wave in a weird way. Besides you can always erase a mistake with an exit. Other issues are showing the same pattern and the Fed just punted on a rate rise. Let’s celebrate! Of course we await confirmation but we bought anyway.
The Qs look the same and reinforce the overall reading of a market which may be ready to move.
The IWM is in a similar position. When we see a signal we generally take it, set a stop and watch the trade. And while our stop might be under the nearby low if the issue misbehaved we would bail (we can always get back in.) But shifting from foot to foot never did anything but create demoralization.