Wednesday’s trade was fairly tame until the FOMC announcement. That produced a torrent of both sellers and buyers. Both sides produced several very fast and destructive price wise to both the longs and the shorts. I discuss today’s trading and update the labeling for both the ES and the NQ. I review the larger count from Supercycle to Intermediate degree, as well as reviewing the Fibonacci extensions for Intermediate and Minor degree 3rd waves.
I also discuss view #2 which covers the Primary B wave still being in process. I update where that would stand and review the probability of it being in play.
For tomorrow, pull backs notwithstanding, expectations would be for additional downside before a more substantial bounce plays out. However, having said that, be open and prepared to take advantage of whatever comes our way. Trading without a directional bias was extremely profitable today.