Wednesday’s trade started with the corrective pattern continuing reaching its completion point at 11366 in the NQ and 3734 in the ES. Both indexes launched higher again off the lows eventually pushing to new sequence highs and back above Fibonacci resistance.
Today I present another variation for the downside picture. Several subscribers have asked on the potential for where I have market Intermediate 3 as being the completion point for Minor wave 1 of Intermediate wave 3. At first glance I didn’t think so because of the implications for what is to come suggested. After looking at price action and the count – I have decided that it deserves mention as to what may be in process. At the moment, then, I remain with two views one with a stronger upward bias while the other has a stronger downward bias. Tonight, would be related to view #1 the downside view. I discuss the implications of Minor wave 1.
I then move down to the hourly chart and update the internal action and what the potential for the day is likely to play out. I update and present Fibonacci retracements and also extensions for each view.