Thursday’s trade remained somewhat rangebound even when I include the rallies and the quick decline that took place this afternoon. The ES and NQ did not produce any new highs for the current sequences but did push to a new low for the sequences. Today’s economic data releases had little to no effect on trading. I have again updated the labeling which shows the potential that the highs are in for the 5th waves up I’ve been following as well as the Minor and Intermediate level counts currently in play. However, having done all that I also include the fact that we need to continue to allow for additional upside and again for the ES to break back above 4200 and the NQ back above 13300. I also lay out Fibonacci extensions for any remaining upside moves and also Fibonacci extensions for the possible path if the tops are in for the current countertrend rallies.
April 20, 2023