One Quick Comment

As you already know, I lean to the view that the markets will most likely make another push lower.

But, with the CPI coming up and given the contraction in price, a volatile move in either direction is possible here. Since this structure really does have a triangular look to it, it can—strictly speaking—go either way. From my vantage point, it seems to me that most analysts (but not all) are looking for a rally, before another drop. If they are wrong about that, and this structure breaks down we can head to 3400 next.

However, if this does break up, then it’s part of some larger A-B-C corrective pattern and we can generate a target of about 4200. I just wanted to point this out as a possibility given the somewhat agnostic odds of a triangle’s ultimate direction.

ES


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