For the better part of the day the NQ and ES continued to pace each other higher and lower. Both, by the way, followed yesterday’s analysis very cleanly – which leaves me with very little to add. In the NQ I continue to leave open the completion point for minute wave 4 – and still need additional information from the market to where specifically the NQ is on an EW basis – for now both views remain active – with the potential for additional highs above 16062 still active as well as 16062 being the completion point for the larger Primary B wave sequence. The ES ran up to the sequence high at 4609.25 – reaching 4608.75 before turning lower. The EW count for the ES remains in tact where minute 4 completed as last week, with minute 5 now in progress and likely completing 3 of minute 5 today — What’s left and will it extend is still unknown – so I go over the potential and possibilities by rebuilding the Fibonacci extensions. There remains potential for minute 5 to extend ultimately reaching th3 4670 area. Initial resistance remains at 4627 to 4650. Tomorrow the focus will be on the FED decision due out at 2 PM EDT with the Press Conference being the more important segment due to hearing the FED Chair speak about the near term outlook.
July 25, 2023