Elliiott Wave Update – NQ – June 7, 2021
Monday’s trade followed current analysis pretty much to a “T.” After reaching the high on yesterday’s Globex opening the NQ dropped into a small 4th wave correction within the first 5 wave sequence up. Wave 5 of the sequence is also subdividing. But we did get the close above 13800 which is needed to support the buyers efforts. For now expectations remain for the market to likely reach next Fib resistance at 13875. Expectations for the entire Minor wave 5 would be new highs above 14064. Ultimately, though pullbacks notwithstanding, the stronger the buyers can push the stronger the case for new highs now can be sustained. Fibonacci levels remain the same.