Thursday’s trade saw the downside pick up again and nearly move the NQ below the Intermediate wave 1 low at 11921 and the S&P reached 3906 with the Intermediate wave 1 low being 3883. As Globex begins it is likely that both lows will be taken out. The process would give more evidence that Tuesday’s 4175 in the Es and the NQ high at 12987 completed Intermediate second waves. How far along the markets are within the beginning stages of the Intermediate third waves down at best Minor 1st waves are completing shortly, with a larger Minor 2nd waves then beginning.
I discuss building the Fibonacci picture for Primary wave C and then setting up Fibonacci extensions for Primary wave C and then also for the Intermediate 3rd waves.
Tomorrow is quadruple expiration, which often is accompanied by strong volatility and movement. I discuss the Fibonacci levels for both the NQ and ES for Primary wave C and the Intermediate 3rd waves.