Tuesday’s trade did not provide any “new” information that would alter the current preferred or alternate counts. The NQ spent the better part of the session sliding lower as the tech sector began to unwind. The ES while fairing somewhat better did manage to produce a slight new high for the current sequence before getting slammed lower into the close. The counts remain unchanged. I review both the preferred and the alternate along with their respective Fibonacci retracements and extensions.
Tomorrow pre-market the long awaited and anticipated CPI data will be released at 8:30 AM EDT. My feeling is that we are likely to see a massive reaction likely in both directions. The markets may then go into wait and see mode again as the PPI data and Jobless Claims data will be released on Thursday also at 8:30 AM EDT.