Wednesday’s trade was much more contained than Tuesday’s. It was basically an inside day. There isn’t much to be adding to current analysis. Both the ES and the NQ still appear to be consolidating within Minor wave 2 corrections. I’ve added Fibonacci retracements for Minor wave 2 and for now continue to look for additional upside before the larger Intermediate 3rd wave decline picks up again.
For tomorrow, there is a group of economic data due out before the opening. Each should and are likely to add additional conversation to the inflation being stronger or rescinding. I discuss possible downside and put it into context if the markets don’t sell off with much intensity. The potential for Minor wave to still be underway still exists. And should it come to fruition, it would be from the “new” low that Minor wave 2 would begin. That may and is likely to appear to be indecisive chop.