Another interesting day for the ES and NQ — pre market Moody’s released a downgrade for 5 larger US banks. which created a downward spiral across the equity markets. I have adjusted the labeling for both the ES and NQ brining minute wave 3’s completion point (possibly tentative) and placing minute wave 4’s completion point at yesterday’s highs. Short term I am still feeling the additional downside is needed before Minor wave 1 is complete. I discuss and lay out a likely path — the market is likely to stay on hold until Thursday’s CPI data is released.