Again, interesting day after META’s strong earnings yesterday and the stock trading lower today. AMZN reported today and apparently is doing the same thing in that it raced higher on a good report and has since retraced the entire gain back and is lower moving into the start of the Globex session. The EW patterns for both the ES and NQ remain consistent with current analysis. I am tracking the finishing stages of minute 3rd waves down and within those 3rd waves – I am tracking minuet 5th waves and then also sub-minuet 5th waves. I update the Fibonacci extensions within the various levels of the minute 3rd waves – and then detail an explanation of what if most common and then how I build support/resistance zones as the move progress to its ultimate destination.
Friday pre-market @ 8:30 AM EDT Personal Income/Spending, PCE Index, and at 10AM EDT – Consumer Sentiment.