Markets began to pull back today in small 4th waves. Both the ES and the NQ could have completed those moves at session lows, but I’m allowing for additional lows to reach next Fib levels down. Expectations remain for the rally to continue to complete 5 waves up off of the Oct 27th lows. I also add additional Fibs above today’s highs. I also discuss the two counts that are in contention for preferred status — giving updates on both and what the limitations and requirements for both would entail. Tomorrow pre-market @8:30 AM EST Initial Jobless Claims, Import Price Index, Philly Fed Manufacturing Index, @ 9:15 AM Industrial Production & Cap Utilization, @10 AM EST Home Builder Confidence Index.
November 15, 2023