Thursday’s trade was again in line with current analysis. Both the NQ and ES initially did move to new lows and lower support levels at 3903 in the ES and 12017 in the NQ. The ensuing rally kicked into gear about mid-session and brought the indexes from red to green on the day. I discuss both views currently being covered in parallel with each other. I also have within view #1 (Primary C wave down) have raised the labeling by one degree — so where Minor wave 1 was yesterday now Intermediate wave 1 is today.
The NQ and ES seemingly continue to feel within arm’s length of dropping off the proverbial cliff. That remains the case as the wave count unfolds in a series of 1st and 2nd waves of Intermediate, Minor and minute degrees. If the count remains in force, we may see additional legs up reaching resistance at 12345 and 12465 – under the current count the rally should not break above 12658 all levels for the NQ – the ES levels are 3988 to 4008 and again not above 4073.
I also discuss view #2 – Primary B still in progress with the internal Intermediate wave “b” completing at today’s lows. If this count is in force, the upside should continue with strength and break above 4008 and 4072. With an eventual break above 4100 and then 4200. Probability for this occurring remain below 50% at the moment.