*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*
Today the markets moved in slowwww motion… but overall, nothing really changed. Tomorrow morning (8:30EST) is CPI, which will almost certainly bring back the volatility. Today’s update is a bit lighter and will seem very similar to yesterday’s as today’s snail-paced action had a minimal impact on the counts… in short, the situation is the same, just delayed. Let’s dive into the charts:
- No changes. Waiting to see how this w5 of (A) completes.
- The two options from yesterday are unchanged. I expected the bounce to start today, but instead they forgot to turn the markets on this morning. When the relief bounce does come I will still be watching the structure to determine which path we are seeing… as a reminder:
CORRECTIVE BOUNCE = Orange path. Sub w(2) within an extended 5th
IMPULSIVE BOUNCE = Blue path. W(B) has begun
- Yesterday I expected the micro 5th wave to complete overnight/early this morning, essentially making it a non-factor for today… instead, price went sideways. I suspect price will find its way lower overnight/into tomorrow’s CPI announcement before the bounce begins. Exactly where/when this micro w5 ends is TBD and not very important – my main focus is on the structure of the bounce that follows.
- Just for fun….
- $GOOG still has my attention IF the indices take the orange path.
- Gold survived 12H demand for now, but the reaction so far is not inspiring. I will continue to monitor price from this zone. A proper reversal here would take gold towards 1746, failure of this zone likely leads to a move below 1600.