Tuesday’s trade finally saw the Santa rally after a early push lower. I have adjusted the labeling in that the low at 15492 is now the completion point for minute wave 1 of “C” with minute wave 2 of “C” still in progress. Additional resistance to complete wave 2 comes in at 15988, 16070, 16150 to 16170, and then 16281. Wave 2 can retrace nearly 100% of wave 1, but it can not exceed the start point for wave 1 which is 16456. For now the expectation is that resistance under 16170 will contain and complete wave 2 and yield to the star of Minute wave 3. Expectations for wave 3 are for the NQ to drop below 15492 and down into support that begins at 15232, 14943 to 14765 and then 14476 to 14370.
February 2, 2023
Thursday’s trade was revealing and wild ending with the trifecta of surprises. The upside ...