Friday’s trade was for the most part within parameters discussed on Wednesday’s update. Going forward, Sunday’s Globex start has both the ES and the NQ lower. Within the ES I discuss the current count and update it to include current movement. Short term I’m still looking for additional upside possibly reaching 4080 to 4105. The labeling continues to suggest that ES is putting the finishing moves on an Intermediate wave 2 countertrend rally. Within the move – the ES has completed Minor wave A and B and within wave C has completed minute waves 1 thru 4. Within the minute 5th wave up the ES looks to be completing a subminute wave 4 – this then leaves a finishing subminute wave 5 to complete the larger Intermediate wave 2. I discuss the Fibonacci extensions for subminute wave 5 and minute wave 5 and also Minor wave C –
The NQ remains the weaker index and thus far has failed most rally attempts. The Elliott count and labeling remain as given – which suggests that the NQ may be completing the Minor ‘b’ wave with the 2nd A-B-C structure. I discuss the Fibonacci retracements for the B wave and also the extensions for the expected C wave.