Wednesday’s trade was for the most part the same as Tuesday with the buyers remaining in control for the better part of today’s session. I have updated the labeling but I have not changed the larger count as I’m still counting the current countertrend rally as Minor 2nd waves in the ES and NQ. I discuss my analysis and go over the internal count of the minute “C” waves in both the ES and the NQ – I discuss additional resistance levels that are likely to be seen before the Minor 2nd waves are complete.
Tomorrow, the wait will be over and we will all know what the actual CPI data will reveal. Consensus numbers suggest an improvement of a 0.4% decline in inflation which will come in at 6.6%. I discuss how the reporting systems for the Year over Year figures is really smoke and mirrors and truly doesn’t reflect what is actually going on behind the curtain. Again tomorrow premarket we have the CPI and Jobless Claims data being released at 8:30 AM EST. And again I believe the reaction to the data will determine direction for the markets. Be on your toes folks I’m believing it will an incredible ride no matter what the direction.