Wednesday’s trade in an effort to remember the October 19, 1987 crash, the markets were range bound and sideways! Actually, there wasn’t even a mention of that day. Both the ES and NQ again moved in tighter ranges and basically sideways. The EW count and labeling remains the same. I have not labeled Tuesday’s highs as the completion point for Minor wave “C” of Intermediate wave 4 just yet. Primarily due to needing additional market info as to what exactly are the ES and NQ doing since that high. Thus far it can be labeled as an a-b-c decline down to today’s lows. I can’t label it as a small 4th wave – simply because it is not that small — it is too large to fit as a minute wave 4 against the pattern for wave “C”. It can though be an “X” wave suggesting a double or triple A-B-C pattern to put in the Intermediate wave 4. So all is not lost just yet in terms of the larger count in process now.
For tomorrow, pre-market the Jobless Claims, and Philly Fed Manufactuing Index at 8:30 AM EDT and then Existing Home Sales at 10 AM EDT. The pre-market data could get a stronger reaction from the markets if either shows a strengthening or weaking of inflation. Outside of that I am continuing to look for a sideways market to continue as the bulk of the larger tech titans don’t report until next week.