Tuesday’s trade was by my view preparation for tomorrow’s GDP data release. The NQ still carries all the potential for a swift and crushing move to the upside or downside. Sticking to the numbers and technicals I remain in the US is in a recession camp with the GDP report finally moving the “R” word into the public conversation as being real.
I discuss for both the NQ and ES the potential for both upside and downside moves. I discuss the Elliott count and possible labeling for both the upside and downside. I add Fibonacci extensions for the expected Intermediate wave 3. I discuss how I use the higher levels of support as guides for the expected sequences of 5 waves down on several degrees.
Tomorrow, I will put out an Eye of the Storm Podcast and take a deep dive into what takes place and the short and mid-term paths for the markets.