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PPI comes in hotter than expected, too!But 10-year YIELD, after knee-jerking to 5.10% from 5.08%, is now LOWER, at 5.06%... ignoring the relatively hot PPI data, and instead, apparently still fixating on the impact of the dressdown of the AI boom.The Equity Indices initially spiked lower-- to marginal new lows for this correction- but have recovered to where they were trading just before the PPI Report. That said, my near-term pattern work argues that unless and until ES climbs and sustains above 7795, strength off this AM's marginal new corrective low at 7728.
Today, we saw the market rally higher, keeping the path alive to see another higher high. However, we have since retraced back lower at a fairly key level, which is giving us further evidence that we are indeed working on the yellow wave b and will see lower levels before breaking out to new highs. On the smaller-degree timeframes, this would look better with a very small push over today's HOD to finish off the wave v of (c) of b in Ending Diagonal form, but the rejection right at the 61.
As I am starting to write this update a few minutes after midnight, I am seeing the metals attempting to break down in what I believe is the final push to the completion of this correction which began 10 months ago.Starting with gold, as you can see on the attached 13-minute chart, we are pressing against the pivot, which if broken, will likely then become resistance. At this point, I think the ideal target should take us just below 4000, but it can extend as deep as the 3800 region depending on how this progresses.
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