If we use the Elliots Wave like in 2022, this is how it may play out. The selling has been steep enough to apply the Elliots Wave here.
Catalysts for Oct is a hotter than expected CPI/PPI, especially with fuel inflation rising and fuel prices rising back near record highs.
Bearish Technicals: (1-Week)
- RSI
- MACD
- MFI
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On the contrary, these moves while are some steep selling are not enough (yet) to say its a resumption of the crash that started Jan 2022. Perhaps we bounce off the trend line of Oct 2022, March 2023 and move back up for some unmerited reason?
Catalysts for Oct is a hotter than expected CPI/PPI, especially with fuel inflation rising and fuel prices rising back near record highs.
Bearish Technicals: (1-Week)
- RSI
- MACD
- MFI
-----
On the contrary, these moves while are some steep selling are not enough (yet) to say its a resumption of the crash that started Jan 2022. Perhaps we bounce off the trend line of Oct 2022, March 2023 and move back up for some unmerited reason?
Comment:
Looks like we may break that long term trend line (yellow)
Trade closed: target reached:
SPY broke up, taking the bullish scenario.
