UPDATE March 14
I'm traveling, so these are most likely going to be quick posts. CPI and Cinese manufacturing numbers come out. I don't know what the Chinese numbers will be, but I expect them to move commodities either way, so I will be watching those. Now, US CPI numbers will be huge. We are at a crossroads
we are at a point in the market where price can go either way. Long term, here is the problem for the FED
They are trapped. They either STOP quantitative tightening and turn the printers back on to bail the banks out (which they did yesterday with their "its not a bailout" bailout), letting inflation continue to run higher OR they fight inflation and continue to raise rates crushing the banks/economy....
So, it's FEDs choice... Should they return to QE and turn the printers back on - beware, the markets will rally, but it's the beginning of the end, and it will be short-lived...
OK now that's all out of the way - CPI comes out soon
sorry for the busy chart. 3 things.
1.) we could have completed the wave down. In that case, it's up to 12500. From there, we see if we are going to challenge 13000. We will know this if we just go up without any retest.
2.) One more leg down to the 11600-11500 region. maybe to just 11700, we will see. After that it would begin its march back up towards 12800.
3.) We just go down, do not pass go, do not collect 200 dollars, just down the abyss, just kidding like 11300 should provide some pause.
On QQQ
up towards 307 on the upside, 265 on the downside. I look for an eventual push towards both. How it moves is up to the market.
iam traveling, so apologies I don't have more, but I don't have all my charts
Be very Safe, Be Careful, Be Wise
and as always
Good Luck
I look for a quick sell off, then a massive rebound for what it's worth.
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Ping983 : Wish you have a wonderful trip!
BeBlessed : Have a good holiday. Safe travels
KingNY-Life : Moreover, I firmly believe that the CPI announced by the US now is not real, just to fear that continued interest rate hikes will cause more banks to go bankrupt
Lim HC : Have a good trip