Elliott Update – NQ – April 13, 2021
Included tonight updated Fibonacci levels for both upside and downside as the larger Intermediate wave 5 advance progress. On an Elliott basis today’s trade was a ” 3 of 3″ move in all it’s glory. The moving averages were in total alignment which achieved several steps along the way: 1 – acceleration which included a break above 13842 and the previous all time high at 13900.50, 2. a move to resistance at 13,938 produced an a-b-c decline with another advance stopping just short of 14000. This was what for a day trader a “trend” trade, where the opportunity to work a position in the direction of the immediate trend by buying and selling. I expect there will be additional “trend” trades ahead both to the upside and to the downside.