Friday’s trade was reactive initially due to the economic data release, the NQ and ES initially dropped into their respective minute 5th waves down to put in the completion point for Minor 1st waves. That remains the task at hand with both futures contracts being rolled out to the March 23 contract. This has produced a small gap in both markets leaving the potential for an attempt at Friday’s highs being made or a drop to fill the gap created on the Globex opening. Either way, the hourly chart remains favorable for minute 5 reaching its first downside target(s).
December 12, 2022