UPDATE Feb 14
CPI comes out today 8:30am EST, 1 hour before open.
The market direction will be chosen. There is nothing to do about it now, but be ready for what can happen.
No matter what CPI says, the market is going to do what the market want s to do... That said, I believe we go UP! Big UP! how big? BIG! maybe 😁 it all depends on how or if we squeeze.
Let's take a look at what got us here -
My bias is clearly bullish, and I heard something today I'd like to repeat because I found it true and humorous, and it sounds like something I would say 😄 - Animal spirits are back, and they may not care about any data, they may just want a reason to roar. -
Here are 2 charts from my Jan 8 post:
The opening count still holds. That double dragonfly × double bottom is a serious setup. that's why I expect this sequence to play out. The train has been on the tracks picking up steam all for this moment. It would take something serious to derail it at this point. This should complete that large cup formation and breakout. Wave C should extend 1.618 past wave A, and that ends at 13500, the same target as the cup breakout, Ta-Da
OK
Absolutely nothing i chart matters. CPI will choose direction. But here are my charts, I will give targets for the bull case and support, although if we really do turn down here, support won't matter until 293, then 288, 270 is the double dragonfly and 260 is the bull line. $Invesco QQQ Trust(QQQ.US$
target of 319-330 + with a squeeze (conveniently, I have 319/330 spreads😄). Should this play out, I expect
Probably a quick candlexdrop to cool indicators, then a blast up to 309/311 before it pulls back, then another surge past it and off and running 🏃♀️ 🚀🌛
My Dragons -
$Tesla(TSLA.US)$ 260!!! Thats Right with 220 easy, 165 is support but that doesn't matter, if this goes south 155.
$Snap Inc(SNAP.US$ 12 should be easy, 16 - 22 likely.
Well prepare for CPI
Be Safe, Be Careful, Be Wise and as always
Good Luck ![]()
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W Chiang : CPI higher than estimate
iamiamOP W Chiang: more in line, but nothing surprising. the market is going to do what it wants. if it goes up, we should be on wave 5 up. if it meanders down, we are in a long odd zig zag, which should take it down to 293 ish.
intuitive Jackal_354 : market is indecisive on hot cpi
iamiamOP intuitive Jackal_354: market is HOT!
spyrodeace iamiamOP: Looks sideways at the moment
iamiamOP spyrodeace: wait for it
icezzz : Is qqq still looks bullish ?
iamiamOP icezzz: yes
iamiamOP icezzz: it could go down, but the way tesla and others are turning around I think the bullish count is in play
icezzz iamiamOP: Thanks bro.