Thursday’s trade was full of everything including the “kitchen sink.” The market initially decided to rally on the economic data dump pre market and following through on META’s earnings from yesterday. The ES did scream higher and pushed straight to resistance 4627 reaching on a high at 4634 before turning lower. Right about 1 PM EDT it appeared that the markets had their “Minsky Moment” which according to Investopedia “refers to the onset of a market collapse brought on by the reckless speculative activity that defines an unsustainable bullish period.” I suppose that sums it up, but the markets – treasuries, equities, gold and silver, etc started to drop and picked up speed quickly hitting the session lows about 30 minutes before the close. I have updated the charts and have put into place (thus far) the completion points for the larger Primary B wave sequences in the NQ and ES. I discuss the implications of the declines thus far – what we can look for tomorrow and moving forward. I also discuss the “what if” the NQ and ES should turn higher overnight and rise as sharply as they fell today. Yep, you guessed it it would leave a strange pattern but one that would produce a huge minute 4 wave in both markets and leave open the potential for another rally attempt at getting to the moon before anybody noticed. Tomorrow pre market @8:30 AM EDT Personal Income and Spending, PCE Index, and Employment cost index. At 10 AM EDT Consumer Sentiment (final).