I have adjusted the labeling for minute wave 1 in both the ES and the NQ. Effectively moving it lower and placing the current declines within minute 3rd waves down. I received two questions regarding the labeling and while I did have this count as an alternate, ( in my mind), I held off on pushing it forward primarily due to the alternate count where the declines would have put in Minor 4th waves. That alternate does remain but doesn’t carry the same potential or probabilities of being in play. Therefore minute wave 1 was moved to the point where I previously had labeled minute 3 and what was labeled as minute 4 is now minute 2. This then suggests that it is minute wave 3 down that continues to play out. I have updated the internal counts and included Fibonacci retracements for minuet 4th waves. Also added some additional Fibonacci extensions for minute wave 3 to the downside. Next week the FED will begin it’s annual meeting at Jackson Hole – with Powell making his speech on Thursday. It is a light week for economic data – Monday is clear — Tuesday is Existing Home Sales.