Wednesday's trade saw the ES and NQ put in the additional leg down that I was looking for to complete Minor 4th waves. I update the picture and discuss the declines today and what to look for tomorrow. If the lows (4th waves) are in the markets should continue to build 5th wave advances. I updated the Fibonacci extensions for the 5th waves. Alternatively, should the downside continue I give levels that would suggest the larger Intermediate wave C's are complete and what to expect should that be the case.
Premarket, Thursday -@ 8:30 AM EDT the Initial Jobless Claims data will be released. Premarket during Friday's Globex session @ 8:30 AM EDT the Employment Situation Data will be released. Friday, though, is a market holiday - not a Federal holiday. thus the data will be released into a very thin market - reactions are likely to be violent.
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