Wednesday’s absence of sellers produced a stronger upside move under lighter volumes. Nonetheless the ES did break back above 4134, 4145, and 4155. Today’s high for the ES was 4170. I am continuing to run the two alternate views parallel with each other and both remain in contention and will remain that way for a while longer. Today, I have rolled out the labeling for the 2nd of the alternate views. Whereby, the Intermediate “C” wave is complete as is the Primary A wave at 11068. Under this count then, the NQ is in the beginning stages of a Primary “B” wave countertrend rally. Primary wave B will consist of an Intermediate ” A, B, C” structure. Intermediate wave A is underway – and it appears to be forming 5 waves. Currently wave 3 is subdividing and still in need to an additional small pullback followed by a rally to complete wave 3 and then an additional 4th and 5th wave to complete the Intermediate wave A.
For tomorrow expectations would be pull backs to be shallow with rallies to new highs following as these last moves are put in place. Resistance at the Daily 200 EMA at 4217 appears to be a likely candidate to be tested if not exceeded. I include additional resistance and analysis for this alternate view.