$SPY TOP 20

I have also added in the extended Wave 5 option on this chart too to keep all options open and to give some clarity on the movement of the market so far.

$SPY is also exactly like the $QQQ chart, it broke above its 0.78 Fib level that we were watching at $518 but we have not seen a retest of this level yet either.

PPI and CPI out on Tuesday and Wednesday will be important....a hot CPI print confirms the trend that the FED has not be able to cool inflation and makes their life more difficult and a rate cut before the elections may not happen then.

A cooler print and the market will expect a rate cut by the end of the summer but most definitely before the elections I believe.

Both outcomes do not eliminate an ABC correction, it is either confirmed shortly or it comes after the first rate cut and for this reason, I will keep to my plan of building my cash reserves, buying safe havens and only buying stocks that are nowhere near their Wave 5 completion.

This is my strategy and I am most interested in conserving capital when there is market uncertainty and when I see a Wave 5 coming to an end or completed.

I do not make money on any trades you make so I will never encourage you to buy for the sake of buying, which is what wall street needs from you, it needs you to keep making trades....you could buy more and panic sell when Wave 5 completes and they get two extra transactions out of you, this has always been the case and will continue being the case.

We have opportunities right now that will still make you money regardless of what happens here in the market and a lot of them are contained in the Chinese market, I suggest focusing on stocks that are showing signs of reversing and starting their impulse wave if you feel the urge to buy and have FOMO.

Something I do not suffer from.