Image Source: PexelsEverything seemed to line up quickly this morning with the market shooting to session highs after the release of, I believe it was, the ISM manufacturing PMI. This sent all the indices lower. Breaking support and other data levels produced more of a watershed-type drop. As I explain when we are dealing with a market in motion, we need to remain open to both an upside and downside look without taking an emotional attachment to either one. I adjusted the labeling and went over in detail the “why” I did that. Currently, I have labeled the minute “b” waves of Minor 4th waves complete at this morning’s highs. That then suggests that stronger downside action was the start of minute “c” waves. I also update the Fibonacci levels to mark the path for the “c” waves.Video Length: 00:39:52More By This Author:Nasdaq 100 & S&P 500 Elliott Wave Update – Wednesday, July 31Nasdaq 100 & S&P 500 Elliott Wave Update – Tuesday, July 30Nasdaq 100 & S&P 500 Elliott Wave Update – Monday, July 29
