Midday Update: 2023-10-19

Powell brings some volatility to the market

The plan for the morning worked out pretty well as put forth last night. An initial bounce in a low degree fourth followed by a new low to complete wave [I]. The question is if wave [I] is complete on the ~12:30 low or if we need another low for wave [I]. I’m assuming the move post 12:30 is part of wave [II] but note that a new price extreme is possible…