SPX - B is starting to look like a triangle

5 Oca 2023

So a follow up to my previous post because they are not breaking this market down as hard today as I suspected. Very possibly B continues sideways into CPI tomorrow and we rally into the end of today. A false breakdown on CPI (the final e wave) would give then get us the move up, how far is uncertain for it should take a few days at least. C target may even get to the edge of the pitchfork - much higher than most would expect.

I'm thinking this because the rsi on smaller time frames is showing hidden bullish divergence and we are at pitchfork fib support on both SPY and QQQ. Please be cautious!

I'll update later today after market close

5 Oca 2023

Not

looks scary, but triangle legs should be in 3 waves. It can certainly tank into tomorrow but I believe they are trying to set a bear trap here. AAPL put/call ratio at all time highs and SPY puts up 40 percent today.

5 Oca 2023

Not

putcall on appl up 50 percent today. seems a bit late