The ol' Pop and Drop - SPX500
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SPX500 has had almost no pullbacks, which is characteristic of C waves (to complete the first A-B-C). It's almost to the target I expected for later September after a pullback, so we're pushing the limits here.
This now looks like they will pop the wedge to the upside with the CPI reading, and then reverse it either before or after the open. I've seen this "creep up, then pop and drop" happen before, and I expect something similar today.
8:30am est is CPI - good luck!
This now looks like they will pop the wedge to the upside with the CPI reading, and then reverse it either before or after the open. I've seen this "creep up, then pop and drop" happen before, and I expect something similar today.
8:30am est is CPI - good luck!
Nota
Nota
minor bounces will get sold into, don't expect much of a bounce in this C leg - they are not going to allow longs out or shorts in - that's why it will get intense towards the end of the move - a mini capitulation will end it.Nota
we're close to strong support, put some money in my pocket in case of a bounce larger than I expect. 
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