Wednesday’s trade was revealing in that I am of the opinion that today’s highs in both the ES and the NQ completed the Minor 2nd waves. This then suggests that the rejection and decline off the highs is the beginning of Minor 3rd waves. The PPI data came out as expected and did give a more muted response but nonetheless did the trick in reaching back up to the Fibonacci 618 level, which was just under the ES and just over in the NQ.
I updated the labeling and also added the Fibonacci extensions for Minor wave. I also discuss being able to trade without a direction bias. Easy choice to make, difficult to actually put into play.
For tomorrow, pre-market the latest Jobless Claims data along with the Philly Fed Manufacturing Index and Housing starts will be released at 8:30 AM EST.