Wednesday’s trade was more informative as to the EW counts for both the NQ and ES. I have concluded that Minor wave 2 is complete at 9/1/2023 highs with it now appearing that Minor 3rd waves down are in progress. I updated the labeling and also added the Fibonacci extensions for 3rd waves and readded the larger Fibonacci extensions for Primary wave C. As usually is the case it should be easier now that the markets have dropped back into the downtrend with the continuation of Primary wave C down. Premarket tomorrow @8:30 AM EDT – Initial Jobless Claims, and revised U.S. Productivity and Unit – Labor Costs – also starting @9AM EDT and throughout the day 5 Fed Presidents will be out speaking.
September 6, 2023