Monday’s trade saw follow through to the upside as Minor wave 2 continued. The follow through did bring confirmation of the completion of the Minor first waves without the additional downside follow through I left open on yesterday’s update. I have updated the Fibonacci retracements for Minor wave 2 and also Fib retracements for the internal ‘B’ wave of Minor 2. And lastly, I “guesstimated” using this afternoon’s lows in both the ES and NQ to produce the Fibonacci extensions for the minute C wave still expected before the Minor second waves are complete.
Pre-market tomorrow at 8:30 AM EST the release of the latest Advanced U.S. trade balance in goods, Advanced retail inventories, and Advanced wholesale inventories are expected. At 10 AM EST Consumer Confidence will be released.