Tuesday’s trade was a continuation of current analysis. Both the ES and NQ moved down to next support levels that would associated with the ongoing count with minute 3rd waves still in progress. I had marked as complete the minute 3rd waves in both the ES and NQ with minute 4th waves in progress. Overnight trade brought both markets to new sequence lows, which effectively would have put the minute 4th waves at yesterday’s highs. After today’s session I decided it counts better to allow additional room for the minute 3rd waves to complete — effectively saying that minuet 5th waves are what are in progress now. I have updated the Fibonacci extensions for minuet 5th waves, which would complete minute 3rd waves. This doesn’t change the larger EW count, but does include further extensions within the minute 3rd waves. Tomorrow premarket @8:30 AM EDT Durable Goods data will be released.
September 26, 2023