Toni Hansen writes that the stock market will be due for a correction off daily and 60-minute support levels into early next week.

There are already two strong downside moves on a 30-minute time frame. Corrective moves are more often two waves, while primary trend moves tend to come in threes. Since the trend up until now has been on the upside, there may not be a substantial third wave until after the market corrects off support and rolls over.

Toni Hansen thinks there may be a bit more downside into the morning, but the market is due for another correction up off lows on a 30-minute time frame.

As the week progresses Toni Hansen is expecting the market to continue to correct off this week's highs. There is room for upside into the morning due to the support which hit at Tuesday's lows, but her upside focus will be short term intraday.

The indices do have support once again heading into Tuesday morning. Tony Hansen is expecting the market to pull back and correct longer on the daily time frame at this time.

There is still the potential that the indices will experience a third wave of buying on the 15-minute time frame. This would need to take place relatively early in the day on Monday and would lead to a third high on the Nasdaq 60-minute charts and a potential retest of highs on the Dow.

After giving up nearly all of its gain in the final two hours of trade yesterday, the indices were left quite extended on the downside on the 15-minute time frame heading into Thursday morning.

Although Wednesday's premarket economic data was welcome early on, as the day progressed more and more skeptics stepped forward questioning the data.

The slower upside on Tuesday afternoon as compared to Monday leaves the market still open for some upside into Wednesday morning.

Action was still bullish into Monday's close, so there is room for another move higher early this week.