Wednesday’s trade did end up surprising me somewhat particularly after the FED announcement. The NQ did as I suggested last night and turned on a “tick” and ran up higher very quickly. I have removed yesterday’s labeling add — that being the completion points for the smaller wave “C” and the Minor wave 4. The blast off the post earnings low at 12070 yesterday likely did complete wave 4 of “C” with the rally still in force being wave 5 of “C”.
I did also take a look at the potential and possibility that 11068 did complete the Intermediate “C” wave down, which also then complete the Primary wave A. This suggests that current trading is the very beginning stages of a Primary B wave countertrend rally – While I acknowledge the possibility and potential for this being the case – I’m not convinced just yet the I need to change the internal count within the Minor wave 3 that completed at 11068. However, should the market continue higher and put in stronger markers that the Primary wave A is complete – I’ll adjust the labeling —
One other point I need to discuss – I do not trade with a bullish or bearish bias. I am a day trader and I do trade “price action” and today the price action was very clearly to the upside and after the FED announcement extremely clear to the upside and produced a very profitable trading day. So, while my Elliott Wave count suggests and continues to suggest an additional leg down before a broader more sustained rally phase starts, I will react to direction and trade.