Here is a quick update for those who follow my work and are not on our new site yet.
It's a critical turning point here, going into the CPI report, so I want to share my thinking, and hopefully, you won't get trapped regardless of tomorrow's am outcome.
I'm doing a more detailed analysis, but I will post a short version here.
First of all, I pointed out last week that the 11th should mark the important high.
Well, we got it!
Now, it doesn't have to be a daily high, but the daily closing high! So tomorrow can be an intra-day high with am spike.
I still think we could get a sort of OCT 13th CPI release action, but in another way - Gap and Dump!
If CPI will come in-line or a bit higher, let's say 6.6-6.7%, it can produce a knee-jerk reaction and sell from there.
There is a good fib confluence at 11600NQ for that move.
Our main target got hit today, and I warned yesterday, that it should see a higher number; it did!
The price has closed right at the resistance, so it satisfied the whole move up right there, in case it is just going to dump from the open
Support and resistances are on the chart.
I will also be doing SPX update and will post it at the end of the week here.
This chart should be enough for those looking for a good analysis out there without any commitment.
So don't be surprised if you see a big spike up, DO NOT chase it!
If it happens, I will use that opportunity to add to my short position
It's a critical turning point here, going into the CPI report, so I want to share my thinking, and hopefully, you won't get trapped regardless of tomorrow's am outcome.
I'm doing a more detailed analysis, but I will post a short version here.
First of all, I pointed out last week that the 11th should mark the important high.
Well, we got it!
Now, it doesn't have to be a daily high, but the daily closing high! So tomorrow can be an intra-day high with am spike.
I still think we could get a sort of OCT 13th CPI release action, but in another way - Gap and Dump!
If CPI will come in-line or a bit higher, let's say 6.6-6.7%, it can produce a knee-jerk reaction and sell from there.
There is a good fib confluence at 11600NQ for that move.
Our main target got hit today, and I warned yesterday, that it should see a higher number; it did!
The price has closed right at the resistance, so it satisfied the whole move up right there, in case it is just going to dump from the open
Support and resistances are on the chart.
I will also be doing SPX update and will post it at the end of the week here.
This chart should be enough for those looking for a good analysis out there without any commitment.
So don't be surprised if you see a big spike up, DO NOT chase it!
If it happens, I will use that opportunity to add to my short position
Comment:
Well we are going to have a Gap, lets see how it does from the am