Tuesday’s trade was mixed at best. Both the NQ and the ES saw session highs within the first hour of trade. The NQ reached 13018 while the ES saw 4161. The balance of the session was a range bound tug of war with the last hour bringing back the selling.
I have updated the labeling for both the ES and NQ and reflecting Minor wave ‘a’ being a 5 wave decline. Under this interpretation both markets would have completed minute wave 3 with the minute wave 4 bounce complete at today’s highs are still needing another push towards the 50 MA’s to complete wave 4 and the start of a minute 5th wave down — this leg will find support at 12720 to 12700 and could put in the low for wave 5 and Minor wave “a”.
This could happen during the Globex session. Should this be the case, the markets would be looking to start the Intermediate wave “C” of Primary wave “B”. This again will likely bring the NQ back above 13741 and the ES above 4328.