Thursday’s trade was best viewed as the ES and NQ having manic episodes. As a day trader it was wild and crazy – as an analyst I moved out the daily chart to try and keep it all in prospective and actually put my own perspective into place. I discuss both possibilities and at the moment am leaning more towards the Intermediate B waves being complete – albeit both in failures. I go over the upside again and what the markets would need to do to be convincing that the intention is to get back to 4200 — however, having said that there are downside break points that would negate the upside and rally attempts might be demolished before they can mount any runs. I lay out Fibonacci extensions for the anticipated “C” waves and then for the internal moves in progress in both the ES and NQ.
Tomorrow is expiration and it is looking to be very volatile with wild swings very probable.