Wednesday’s trade put in a lower high and a lower low on the NQ. This essentially leaves all of the current analysis in place for both the upside and downside – preferred and alternate views. I did adjust the low at 11491 to be the completion point for Minor wave 3 of Intermediate wave 3. Thus, the current move higher is most if not all of Minor wave 4. The decisions as to the ‘counts’ and direction are still out there — the markets near term moves are not clear – thus this is where we are.
For tomorrow as given leave open all the current possibilities for now. Both upside and downside once decided should pick up the steam in their respective directions. Otherwise, we wait hopefully patiently for the “inside” days to finally yield to the next move.