Alternative Path

[gdl]

Obviously not a big move today. Tomorrow is a turn date but that could mean anything from mild reversal to major. We saw 5 waves up recently but it can rebound into a seventh. Option traders betting a deep drop here. PPI should shake the market only if the result is strong. Any decent drop has to occur within days, before the holiday spending. The street is obsessed still with a recession as the dollar and yields continue to stall.

We are at critical levels and that only means we should either breakdown or breakout.