We have come down to the .382 retracement of the last leg and bounced. Oridnarily we would look to build a bear flag and then go further to the .500 fib. Looking at the chart however, there is a large consolidation area between the .382 and .500 fib which could stall the cross and leave another consolidation. Will really depend on how much Friday squaring up takes place and since the GDP announcement was today, many traders were already flat so it may not need to square at the .500.
