S&P 500 futures continued to drift lower overnight before firming up early in the morning. I’m penciling in that low as a third wave and expecting a bounce in a wave four today. It is possible that the high of the wave four occurred around 10am today and now starting down in wave five. The goal is to form a new low to that of the overnight low but doubt it will be very direct. Nasdaq 100 is softer than the Dow which is trying to hold the morning advance. These crosscurrents are often seen in corrective consolidations. I’d like to see an eventual new low either late today or early on Monday.
Have a good weekend.