Wednesday’s trade was another “slog” through the mud so to speak.  While upside was created in both the NQ and the ES it was not achieved easily.  I attempt to attach some labeling to the NQ’s wave 5 but need to include that it is almost abnormal from the beginning of the move.  I leave open all possibilities and presenting the count with a “not held” statement.  The ES faired a bit better and continues to trace out a “cleaner” 5th wave up.  Overall expectations remain for the markets to move up and complete the Intermediate “C” waves and all subordinate Minor and minute degrees as well as the Primary B wave countertrend rallies.

Premarket on Thursday: Initial Jobless Claims and Philly FED Manufacturing survey at 8:30 AM EDT.  At 10 AM EDT – Existing Home Sales as well as the US Leading