Thursday’s trade was less powerful than Wednesday, but both the ES and NQ did manage to put in additional lows within the first hour of trade. This then enabled me to put in the completion point for minute wave 1 at session lows. This then suggests that the bounce off of the lows would be a minute wave 2. I discuss, though, the alternate which suggests that wave 5 of 1 is complete with the bounce still in progress being wave 2 of 5. It should take too long before which degree is in place and which wave will be labeled at today’s lows.
Tomorrow premarket, the U.S. Employment Situation data will be released at 8:30 AM EDT.