Another awesome trading day, but a sloppy market that was ruled by technical factors on Wednesday. Nonetheless, both the ES and NQ remain in the process of putting in minute 4th waves. The analysis continues to favor an additional rally in the form of minute 5th waves to complete the larger patterns. I do review the larger patterns specifically the ES. Giving a couple of possibilities – both though point towards a stronger top being close to being put in. Thursday’s pre-market @8:30 AM EST Initial Jobless Claims, @10 AM EST – Wholesale Inventories and @ 3 PM EST Consumer Credit.
December 6, 2023