In today’s podcast I review the S&P 500 and NASDAQ 100 both cash and futures markets. I am continuing to track the preferred count via the futures markets and the alternate count via the cash markets. The alternate count continues to loose probability of being in control but I am holding until a break below what is being marked as the completion points for the Minor 4th waves. A solid break below these levels would IMHO negate the alternate views and leave us with the preferred views for now. The preferred views – I have updated the labeling to include Friday’s activity. Thus far it appears that Minor 1st waves are complete in both the ES and NQ with Minor 2nd waves also complete — this then suggests that the decline off of Thursday’s closing highs began Minor 3rd waves down — within Minor 3 – it appears the minute 1st waves are complete and marked – with minute 2nd waves in progress now. I update Fibonacci retracements for minute 2nd waves and also include Fibonacci extensions to give us a first look at the Primary C wave downside levels. There is no economic data due out tomorrow, with the bulk of what the markets may focus on due out on Thursday and Friday pre market.
August 27, 2023