The Non-Farm Payroll Report did give the market the rally was I looking for, which faded after the open into midday and then went back up into the close, but it never did make a new high, so it could end up being a "truncated" Small Wave 5 up. It's hard too say for sure but I still think we will go down this week for Medium Wave 4 with this Thursday or Friday being the most likely time for the low, but if they still want a new all time high first it should happen early in the week, like today or Tuesday at the latest.
As for the coming pullback, it should be fast and short lived as the A and B wave will probably look small and not be noticed, which traps bulls before a dump. Meaning we could stay in a range between the low around 5700 up to the all time high until the Small C Wave sets up. That might last into this Wednesday, which then you could see a quick 5 wave move down into Friday to hit the new FP on the QQQ from last Friday's post. We have the CPI on Thursday, which could be blamed for the drop?
That will be the scariest move and will perfect for getting the bears to call for a crash. Of course that's also when they will get trapped and be used as fuel to be squeezed hard right back up for the last rally before a bigger drop. It should last for several weeks, and could be right into the election? They never make this easy. It's always tricky, so for me I'm just focused on the down side target to be hit as that's the bottom for the move and next will be the final rally up.
Have a blessed day.
