Friday’s trade was unconvincing for both the upside and downside. The ES and NQ reacted negatively after the release of the Employment Situation data. However, being an expiration the markets ended the session at the opening levels. This then leaves analysis as presented in that the markets would still be working out the final stages of an Intermediate 2nd waves or via the alternate putting the final stages in to complete Intermediate A waves with Intermediate B waves in progress now. The wave patterns also show the possibility that Thursday’s highs completed 5 waves up and the “C” waves and in turn the Intermediate 2nd waves. If this is the case the markets would be expected to turn and sell “with a purpose” as I put it. In the absence of that the bias will like remain flat to higher.
December 5, 2022