Picture perfect day in terms of the Elliott wave counts. Both the NQ and ES did follow through to the downside for the better part of the session on Wednesday. After reaching session lows, both markets launched higher forming quick 5 waves up, which gave stronger confirmation that minute 3rd waves were complete and that minute 4th waves were well underway. The pattern overall should form 5-3-5 structures to form the minute 4’s. Still to come then will be minute 5th waves down to complete the Minor 3rd waves. So, the larger pattern in progress continues to move forward without any major hitches along the way. Tomorrow pre – market @8:30 AM EDT – Initial Jobless Claims and GDP. @10 AM EDT – Pending Home Sales – then @4PM EDT – FED Chair Powell steps out to speak.
September 27, 2023