I don't have a strong inclination if this pattern will finish out or not. But its still hanging in there. Until the pattern either finishes outright or is violated and closes under recent price pivots in numerous indexes, its the best we have.
Note that the positions of the numerous Fed officials projections of raising rates have been lowered since March's forecast. Why? Look at that chart again in LOG scale to see that there exists a small divergence over the last few months. And its to the opposite direction - deflation.
But a rising cycle wave b of huge proportions is a paradoxical Elliott wave event. Here you have a very strong cross-current of 2 major mood trends. The LARGEST trend is actually down. That of Supercycle degree. The counter-trend subwave of cycle b may have mood rising within the larger downtrend but the overall larger trend is constantly being "felt".
And as time moves on, that eroding social mood of larger degree trend will eventually win out. And then cycle wave c down combines the 2 largest social mood trends as down. Then we'll see how good the Fed thinks it really is. Social mood will turn against them in that circumstance.