Have Your $CAKE and Eat it Too

Here is my take on $CAKE (I’ll see myself out now). It’s funky but we can get a diagonal counted out of the move down so far, complete with an underthrow. The low last month looks capitulatory to me, so I think it might stick for a while. A bit of a funky inverse is also possible. Where I have my big orange A was very close to the 50% retracement of the whole move from the crash lows, so it’s possible that the whole correction is complete. To be conservative, I won’t call for that, but rather, just a countertrend bounce to the orange box above for B. If it goes up in 5 waves, I’ll have more confidence that the low is in. If up in only 3, then we may see a fuller test of the lower orange box and perhaps a super-long-term moving average.


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