Ok, yesterday was a choppy one as the market continued to carve out the wave 4 up, which either finished or will finished today after the CPI as it will have some wild moves after it. If it finished yesterday then we should just start straight down for wave 5 as posted on my chart Monday, which I'll re-post it here below...
If we gap up instead from the CPI then the wave 4 is just extending a little and we should see the wave 5 down follow afterwards into midday or longer, but I lean toward the final wave 5 down ending at some point today. If we gap down right away then it could end in the first half hour of the day, but in both scenario's wave 5 down should end by the close. I do not know which way it plays out but the wave 5 down should at least double bottom, although odds favor it breaking and making a lower low.
After that though, lookout for a big squeeze up to retest the 1/6 prior high, and it might be super fast, like into the 20th, who knows for sure? But will be a fast squeeze. It's at that point where we should see another pullback but I don't know how much. The deep of that pullback should help determine if we are going to see a blow off top into the end of this month or not.
If it's a deep enough pullback then I'd say we won't see a new high and will just continue the wild swings up and down into a final low in May. Then we should see a huge rally up into August for that blow off top, but it's still possible to play out into the end of this month. If you are a bull though, and decide to buy the break of the expected double bottom I'd look to exit when upside resistance is hit from that 1/6 prior high zone.
Have a blessed day.
