Friday’s trade fell cleanly within current analysis, with both the ES and NQ following through on completion points for Minor 4th waves and the starting points for Minor 5th waves down. That remains the case as Globex opened with both the NQ and ES heading lower. I update the labeling and then also update the internal count for Minor wave 5. I discuss the larger picture to update what is yet to come. It is important to keep in mind the hourly picture as the markets close in on the completion points for the Intermediate 3rd waves. Once Intermediate wave 4 begins it should ultimately produce a strong A-B-C rally back to the end points for Minor wave 4.
I will put out an Eye of the Storm Podcast tomorrow and update the longer-term pictures along with a dive into the inflation picture and the effects both short term and longer term on the markets.