One reason I became skeptical that we were in a 3rd wave down was this slop on futures overnight. Usually when we see that, it can mean it’s a “b-wave” of some degree. And so it’s possible that we’re still in some “2,” maybe like this:
And if so, what could that end up looking like on cash?
It could look like this:
Just a “bigger” 2, but perhaps in a higher degree (orange). So, I guess we’re going to have to wait on the CPI maybe.