Monday’s globex trade did not offer any changes to make to current analysis. The NQ does appear to still be working through a “C” wave decline to complete the larger Intermediate 4th wave correction. Within wave “C” I’m counting as complete waves 1 and 2 of “C”. Wave 3 of “C” is subdividing and the NQ does still carry the potential for an additional leg up with a break above 15655 in the works. The move itself does not necessarily change the downside view but does allow for a rally up towards the hourly 200 MA at 15762. Thus far Globex trade is holding within a tight range basically between the hourly 50 and 20 MA’s. Expectations remain for wave 3 of “C” to pick up to the downside with acceleration taking place. Ultimately the NQ should reach 14500 to finish wave 3 of “C” with the entire “C” still likely to complete at Fibonacci support at 14410.
February 2, 2023
Thursday’s trade was revealing and wild ending with the trifecta of surprises. The upside ...