Friday’s trade was not as revealing as I would like it to have been. Both the ES and NQ started the sessions making new highs and both taking a swan dive off the high board to session lows – only to pick up the rally again closing the session closer to the highs than lows. Globex open on Sunday saw the buyers move in initially before again stalling out and drifting lower.
In tonight’s update I discuss and update the Elliott labeling and the potential/expectation for additional highs before the overall countertrend rally patter/structures are complete. I add additional Fibonacci extensions for the expected upside which also reviews the potential levels to complete the current counter trend rally.
There are no economic figures/data due out for tomorrow. We should continue to see earnings reports come in pre-market as well as post market.