Crazy trading today — with many different algorithms coming into trade – made for a wild ride higher and then an even wilder ride lower. I have updated the labeling and hoping that I’m not jumping with a false start to the next leg down. I’ve labeled today’s highs in the ES and NQ as the completion point for their respective second waves. That suggests that third waves are now beginning in both markets. Crash like comes to mind here — even if it is a “mini” type crash where we see the market slide lower for a few days. I update the Fibonacci retracements and extensions and discuss how I will be using them moving forward in 3rd waves.
Tomorrow pre market the latest Jobless Claims data is released at 8:30 AM EDT.