Post FOMC Note

One of the reasons for my venting my frustration earlier was the price action I’ve pointed to with the orange arrow. If the “2” was where I have “A” now, we should not have produced that sloppy, overlapping mess. And being honest about that made me look for darker alternatives.

However, adjusting the wedge a bit (on cash), this looks cleaner, like a better breakout, backtest and go. And it is possible to label the choopy part as the “B-Wave” of the “2.” And “B-Waves” are almost always messy.

So, if we get followthrough, I will be satisfied that the bullish view may have some real legs.

If we’re in a 3rd wave, we should start seeing some gaps (could be one, could be more), and I would like to see us head to the orange box at a minimum, and stay up there.

SPY


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