The plan from last night was to look for a push up this morning which took place with the run up from 8:30 to near the open. The open was up against the 5306.50 target and kicked off a decline into late morning. ES then firmed up in the 94-92 area which would make sense if the drop was a tiny fourth. Since that low, a minor new high followed. That might be good enough for a (C) of [B]. The other alternative is this high is just a tiny ‘b’ wave type high in the small fourth which will result in a retest of support before another high. Net, dangerous to chase higher now, but maybe too early to fade seriously. The behavior makes sense considering that we have the NFP out tomorrow.
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