Wednesday’s trade was clear on direction and EW count in that both the ES and NQ rallied up to new sequence highs which are important to see with regard to the location of the larger countertrend rallies in play since October 2022. The NQ didn’t break the high at 15475 by much – coming in at 15507 with the ES breaking above 4498 and again 4503 and 4513 resistance to reach an intraday high at 4523.75. The preferred count remains the preferred count and I’ve readjusted the labeling to reflect that. Also, discussed the progress thus far of the Minor 5th waves and what we need to see to give support to a diagonal triangle forming in the Minor 5th waves. I’ll be able to update shortly to confirm and not confirm the diagonal pattern.
Tomorrow pre-market @ 8:30 AM Initial Jobless Claims and PPI data will be released, and @11:10 AM EDT – San Francisco Fed president Daly will be doing a TV interview, @2PM EDT the Federal Budget report for June will be released.