Wednesday’s trade saw progress made on both preferred views at the moment. Each were broken down to show why each continue to carry a 50% probability of being in force. The difference between the two is the height of the current rally. The Daily view continues to suggest and support a larger A-B-C structure to form the Minor wave 2 countertrend correction. The hourly view continues to support the NQ completing Minor wave 2 at the 12262 high with a minute wave 1 of Minor 3 finishing at 11351 with minute wave 2 countertrend correction within its finishing moves at the 11954 level. The resolution of both would be the continuation of the downside move either at the beginning stages of the Minor 3 wave down using the Daily view or minute wave 3 of Minor 3 via the hourly view.
I lay out the Fibs and levels within the update — also, remember a main factor to keep in mind is that as the Elliott read to me is suggesting – the current rally upon completion will be followed up with a swift turn lower and picks up speed and intensity. Unfortunately, we need the market to lead us to it.