Wednesday’s trade didn’t not provide any information to lean me towards the preferred or alternate count. Therefore both remain equally probable as we wait on the market to tells us. The preferred count continues to suggest that the NQ is progressing with the “c” wave decline to complete the minor wave 4 correction. Fibonacci levels remain as previously given. The alternate count remains active with the NQ needing to pick up the rally and carry prices back above 14000 to keep it alive. Facebook and Apple reported much better than expected earnings with Amazon reporting tomorrow. I feel that we will know whether the preferred count remains preferred or if the alternate will take the front seat.
April 28, 2021