Monday’s trade was crazy and at times very difficult to trade – the PPT (plunge protection team) was out in full force for much of the session. Fair or not it is what took place and yes, it has added a new dimension to the EW counts and charts. Not impossible just yet, but more difficult. In the NQ and ES, I’m leaving the labeling as is with Friday’s lows being the completion points for sub minute first waves. That suggests that the Globex session + Monday’s RTH were all or most of sub minute second waves. I’m leaving the labeling open for now.
Tomorrow, premarket the latest CPI data will be released at 8:30 AM — undoubtedly, there will be a reaction and likely in both directions. Many many traders and firms are going to hang their collective hats on this data to give direction as to what the FED will do next week. The balance of the week though is chock full of additional economic data dumps.