Wednesday’s trade was in line with expectations where I suggested no matter what the FED decision would be it would release a ton of energy likely taking the futures markets on quick upward and downward moves. Tonight, I added the Primary B labels for both the NQ and ES, I restated the Fibonacci extensions for the Primary C waves. What I haven’t done is actually labeled the markets off of the completion point for Primary wave B. There was a lot of “noise” particularly in the NQ but also present in the ES, that creates a difficult situation in terms of counting and following the “rules and guidelines” when using candlestick charts. As I have discussed before I go back to R.N. Elliott’s methodology for creating the charts – he used the close of each hour as a point on the chart and then “connected the dots.” I often shift over to a “line” chart which is on a close basis. This removes the “noise” and most often clears up the count and labeling. For now, I’m leaving both the NQ and ES blank for now, but discuss what I believe has taken place and is yet to come.
Tomorrow, premarket look for International trade in Goods and Services along with Jobless Claims at 8:30 EDT. Tomorrow after the close AAPL will report 1st quarter earnings.