Elliott Wave Update – NQ – April 11, 2021
Friday’s trade was slow and range bound. The Elliott count remains unchanged in that expectations for new highs above 13842 remain in the picture as minor wave 3 is completed. The internals continue to favor the move – but the market may drift lower first – initially I would look for the hourly 20 MA to hold before the advance picks up again. However, we need to allow for a move down to Friday’s early lows below 13700. A stronger decline would not be at the top of my list for tomorrow. If support levels hold the selling look for the advance to resume with an initial break above 13842 with potential for a quick move towards 13900 to complete minor wave 3. Once complete a minor 4 wave decline should begin and when confirmed we can looks to expected Fibonacci levels to follow as the small a-b-c decline progresses.