Nasdaq traded sideways on Thursday, wave 4 consolidation on the larger degree as can be seen on either the 30 minute or the 60-minute chart time-frame, ahead of the job report on Friday.
A break above Wednesday swing high implies wave 5 up is in progress and once completed, it should reverse back down. If we do get a gap-up on Friday, keep in mind that wave 5 tends to be a gap-reversal opening.
A clear and sustained break below Wednesday swing low implies Wednesday high was wave C and not wave 3. If so, look for price to continue declining down to supports, with the first support level at 2783 then 2760.
++07_03_2013.jpg)
