$SPY TOP 20
Added 2024-07-11 09:48:36 +0000 UTCThe market has run hot into the CPI print, many clearly believe that the print will come in line with estimates or cooler than expected which seems very confident, considering that in April it surprised everyone by coming in hot and the market had a rapid decline.
$SPY hit another ATH yesterday too and there has been very little play acting by market makers so far this week.
One final reminder to not get pulled into any volatility at the opening today, structures have all stayed in place this week and I am not seeing any breakdowns on any of the charts we regularly upload.
A hotter than expected CPI will likely bring the price action back down to the test the 1.27 Fib again at $650.
Note how high the RSI is at the bottom, 82, we are deep in overbought territory now.
Comments
I think the simple answer is wait for a lower high to confirm wave 5 completion
Byron Tanigawa
2024-07-12 03:09:50 +0000 UTCAnother question: how much weight do you put on Volume when identifying end of Wave 5 and beginning of corrective wave A?
DC
2024-07-11 13:37:28 +0000 UTCGood question
DC
2024-07-11 13:36:02 +0000 UTCHi Gar just curious the higher the wave 5 get extended does it means a deeper correction into wave abc?
Huat
2024-07-11 10:18:32 +0000 UTC
