Friday’s trade did as I suggested clear up the near term and directional questions. At least for now. I also discussed that the count as I have it would require a series of “stair steps” lower. In other words, as the subdivides its way lower, the other side, (resolution) of the subdivisions would consist of several series of 4th and 5th waves to complete each degree up to Intermediate. Thus far we are still in the beginning stages of that process, which I do explain and update within tonight’s update.
For tomorrow I discuss expectations some of which may and are likely to finish during the Globex session. I discuss upside targets for the small subminute wave 4 likely in progress now for both the ES and NQ. Once complete look for a subminute wave 5 down to complete the minute wave 3. And then the process repeats but on a minute degree. Which will be followed by the same on Minor degree and then an Intermediate degree.
I also include and update the Fibonacci extensions that would still be valid support levels on each degree moving lower.